Business-Friendly Economic Empowerment Act To Replace The Indigenisation Act - Mthuli Ncube
Finance Minister, Professor Mthuli Ncube has said that the government will eventually replace the Indigenisation and Economic Empowerment Act with a business-friendly Economic Empowerment Act.
The minister said that the Indigenisation Act was not in sync with the “Zimbabwe is Open For Business” mantra.
Presenting the 2019 Mid-term Fiscal Policy Review statement and Supplementary Budget in Parliament on Thursday, Ncube observed that the government has since 2018 been revising the Act to make Zimbabwe conducive particularly for Foreign Direct Investment (FDI). He added:
Subsequently, the Indigenisation and Economic Empowerment Act will be repealed and replaced by the Economic Empowerment Act, which will be consistent with the current thrust “Zimbabwe is Open for Business”.
The Indigenisation Act reserved some business sectors to Zimbabwean entrepreneurs.
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