Patrick Zhuwawo reveals why Govt is not shutting down companies that failed to comply with the Indigenisation Act

In an interview with The Standard’s Blessed Mhlanga (BM), Indigenisation minister Patrick Zhuwao (PZ) revealed that his ministry is no longer shutting down non-compliant companies because the companies will become extinct as they are not innovative. Below is an excerpt of the interview:

BM: You have been militant in the past, threatening to close down non-compliant companies.

PZ: I am an economist. I have looked at the facts and the facts themselves demonstrate that indigenisation does promote investment. it’s not militancy, it’s actually the facts and it’s unfortunate that some of those people have been reluctant to accept the truth.

BM: So are you still sticking with your policy of shutting down companies that have failed to comply as you did in the early days when you were appointed to the ministry?

PZ: What really is going to happen with a lot of those companies that are not innovative enough to recognise the direction the economy is moving towards is they are destined for oblivion, they are dinosaurs.

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They will become extinct and the whole concept of indigenisation is not a concept that is peculiar to Zimbabwe, but it’s also a concept that the South Africans are taking on board now when they are talking about economic transformation.

More: Standard