Govt to amend Indigenisation and Economic Empowerment Act

Speaking to The Herald, Presidential spokesperson Mr George Charamba said that President Emmerson Mnangagwa has instructed the Chief Secretary to the President and Cabinet, Dr Misheck Sibanda to make sure that the Indigenisation and Economic Empowerment Act reflects Government policy position that the 51-49 percent requirement only applies to natural resource-based investments where foreign investors are required to have 49 percent shareholding, while Zimbabweans own 51 percent.

The policy position is contained in a Presidential statement that was issued by former President Robert Mugabe on April 11, 2016, where he clarified conflicting positions on the interpretation of the empowerment law. In his Presidential statement, former President Mugabe said implementation of the Indigenisation and Economic Empowerment Act would be done in three sectors; namely: natural resource sector, non-resource sector and reserved sector.

More: Herald


Quick NetOne, Telecel, Africom, And Econet Airtime Recharge

If anything goes wrong, click here to enter your query.

George CharambaMisheck SibandaRobert Mugabe

George Charamba is the Press Secretary in the Office of the President of Zimbabwe. He is therefore there official spokesperson of the president. He has been in this position since 2000 when he was appointed by President Robert Mugabe Charamba has been a columnist in... Read More About George Charamba

Misheck Sibanda is the Chief Secretary to the President and Cabinet. Read More About Misheck Sibanda

Robert Mugabe was a politician and the former President of Zimbabwe. He was the President of the Republic of Zimbabwe from 1987 to November 2017. Prior to this, he was the Prime Minister of Zimbabwe since the attainment of independence in 1980. Mugabe resigned from... Read More About Robert Mugabe

Comments

Back to top

One Comment on “Govt to amend Indigenisation and Economic Empowerment Act

Write a Comment

Your email address will not be published.