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

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