The ruling ZANU PF party says it amended the country’s economic empowerment law to put it in line with the “Zimbabwe is Open for Business” mantra.
ZANU PF Secretary for Indigenisation and Economic Empowerment Mike Bimha on Friday said the Indigenisation and Economic Empowerment Act was revised so that it fits with the country’s new economic thrusts.
Bimha told a press conference yesterday in Harare that he would lead a team of Government ministers to Bulawayo to meet with various stakeholders this Saturday to explain the changes contained in the law. He said:
There has been confusion when there was the amendment in terms of the 51/49 shareholding threshold, which was dealt away with because it was felt that it was not really in line with Zimbabwe being Open for Business in terms of attracting investment both local and foreign.
Bimha asserted that the government was not backtracking on empowerment but the law had to be revised because of changed circumstances. He said:
One of the objectives of this meeting is to stress that contrary to that, what we have done is to remove sections that we felt were not in line with our current thrust, which is ‘Zimbabwe is Open for Business’, and also engaging and re-engaging.
When you look at the revised policy, it’s not like a new policy, it’s revised because of changed circumstances. When the environment changes, strategies have to change as well so that they are keeping with environmental factors.
There have been economic issues, political and social but more importantly, has been the thrust in terms of the New Dispensation to really focus on economic development.