via Govt amends Indigenisation Act | The Herald January 14, 2015
In line with the pronouncements made on the 2015 National Budget, Government has amended the Indigenisation Act to include the role that is to be played by line ministries. In his budget presentation, Finance Minister Patrick Chinamasa said that the period necessary for compliance with the law will be a matter for negotiation between the would-be investor and the relevant line ministry responsible for that particular sub-sector.
According to the gazetted amendments, business shall submit indigenisation implementation plans for approval by the line minister who in turn shall carry out an indigenisation and empowerment assessment rating of every business. When the assessment has been made, the line minister shall at the written request of the business, issue a certificate of compliance to the business no later than 14 working days. The line minister will then transmit a copy to the National Indigenisation and Economic Empowerment Board for inclusion in the register.
Government believes that the inclusion of the line ministries would take into account the circumstances prevailing in the sector.
Any revisions to the implementation plan will be submitted to the line minister, who shall, no later than three months after the revised plan has been made available, either approve the plan or reject it. New investment projects will however, be first processed through the Zimbabwe Investment Authority while the 51 /49 requirement still stands. — Online.
COMMENTS
So a complete lack of clarity on how the Act works is expected to inspire confidence. Brilliant.
Nothing changed. Investor what to invest 100million but has to wait 3 month for yes or no , or we will take 51% . So much for foriegn direct investment , are these people doctors or clowns !!!
Yep – no change at all, except maybe to open up the feeding trough (for bribes) a bit more. Well you see, you have to give them some crumbs to keep them in line and loyal.
What a total disaster our country has become, and not just recently but getting worse and worse for decades now
Nothing has changed. The 51/49 ratio which is the major hindrance to investment still stands. All they have done is to shift responsibility from Chris Mushowe’s ministry (probably because he is inefficient but has to be protected). One wonders if the procedures to be followed and officers responsible have been put in place at the line ministries and mind you it is probably all but a few ministries that will be involved.
What jokers are these. The Chimurenga is over maswinas . You are surely clueless maybe thick headed. Who will simply give money away to a bunch of crooks. You are only further creating a banana state where there is an artificial sense of growth. Wake up you Zanu warthogs.
This what Ian Smith fought so hard against..and the revolutionaries fought so hard for.
Civilastion is evolutionary Smith said, Civilisation is revolutionary the Chinese/Russians said.
Zanupf is no more than a communist endoctrinated lot who did not fight to free the masses…but to enrich the east
These guys are stupid and idiots beyond any criticism. They deserve the Noble prize of stupidity,