Thursday, November 24, 2011

Unki Mine - Anglo America Cedes 10% equity and USD10 million to the Community Trust.

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History was made in Shurugwi yesterday.HE President Mugabe officially inaugurated the Tongogara Commnity Share Ownership Trust.The day happens to be the same ,34 years ago when Ian Smith bombed Chimoio.We are reminded about the struggle for independence .We make no apology when it comes to the empowerment of our people.Shurugwi will never be the same again.

July Ndlovhu Unki Chairman handing over US 10 million cheque to President Mugabe & Hon. Saviour Kasukuwere





Signing ceremony- Anglo American signing the community share ownership trust documents with local chiefs.

July Ndlovhu Unki Chairman handing over US 10 million cheque to President Mugabe


Shurugwi Local community celebrating the US $10 million community trust handover from Unki Mine

Wednesday, November 23, 2011

Hon. Minister Kasukuwere to launch Unki Tongogara Community Share Trust scheme

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We will be proceeding to Shurugwi ,Midlands in the morning to launch Unki Tongogara Community Share Trust scheme.HE President Mugabe will officiate as we achieve another milestone in the empowerment drive.We are happy that we have received maximum cooperation from the Anglo team and the entire leadership of the Midlands and Shurugwi chiefs in particular.

Youth Empowerment continues as key priority in our efforts as the ministry.I am pleased after discussing with the Finance Minister that the message coming from the youth has been heard.I am confident that we will make you VERY VERY happy.We intend to grow the Youth Fund beyond the current amounts.I will not want to let the cat out of the bag,but be assured its YOUTH TIME.However,we require hardwork,honesty and dignity.Its not just the availability of resources that will drive your success,but your own entrepreneurial spirit,industry and dedication.

We intend to intensify capacity building among the youth and skills development.Those who want to participate in building a developing nation,this is the time.

Wednesday, November 16, 2011

ADDRESS BY HONORABLE MINISTER SAVIOUR KASUKUWERE AT THE AFRICA YOUTH DAY COMMEMORATION AND LAUNCH OF THE $10MILLION OLD MUTUAL YOUTH DEVELOPMENT FUND.

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Director of Ceremonies
The Vice President of the Republic of Zimbabwe,
Amai J. T. Mujuru
The Honourable Deputy Prime Minister of the Republic of Zimbabwe,
Professor A. O.G.Mutambara
Honourable Government Ministers
Acting Secretary for Youth Development, Indigenisation and Empowerment, Mr. G.Magosvongwe
Your Excellencies Members of the Diplomatic Corps
Honourable Members of Parliament
Senior Government Officials here present
Representatives of our Development Partners
Chairman –Zimbabwe Youth Council and Board Members
Youth Representatives
Invited Guests, Ladies and gentlemen

 VP Joyce Mujuru receives cheque from Old Mutual CEO Luke Ngwerume














It is my pleasure and honour to make a few remarks today as we commemorate Africa Youth Day under the theme, ‘Accelerating Youth Empowerment for Sustainable Development’. This is the fifth year since the AfricanUnion declared November 1 as Africa Day to recognise the importance and benefits of youth participation in national development and peace building initiatives in Africa. In many countries in Africa, youngpeople have been at the forefront of initiatives that drive for change in order to attain peace, unity and development. In Zimbabwe, it was young men and women who made the decision to give up schooling and mobilize others in order to ensure liberation of all Zimbabweans. So, today, as we commemorate Africa Youth Day, I would like us to focus on what the day means for us and how we can pursue our national goals.

FIRST, all young Zimbabweans must reaffirm their national commitment to promote and protect their social, political and economic rights as well as to address the inherent challenges facing young people today.

The 3 main goals for youth and all Zimbabweans are to promote peace, unity and development. The purpose for our liberation struggle was to achieve these three goals. Our National Emblem reminds that we must pursue these goals in all our actions and interactions as Zimbabweans.

However, today, young Zimbabweans face serious challenges in achieving these 3 goals.

Unemployment is the greatest challenge facing Zimbabwean youth. More than 50 percent of children who register for grade one do not pass or complete Grade 7. Moreover, more than 80 percent of those who make it to secondary school do not register for lower fifth. Over 300,000 young people drop out of school each year.

Out of a total population of 14.5 million Zimbabweans, there are more than 6 million young Zimbabweans who are not enjoying the fruits of if their young predecessors. Many are roamingon the streets of towns and villages throughout the country. They are not invisible, but they are visible by their idleness, by not having clear goals for their lives and most importantly by their inability to support themselves and their families. They have no reason to be happy and proud. They are unable to make
decisions to help themselves. This is a shameful situation for all Zimbabweans.

Another sign of youth poverty is that they are vulnerable to violence. We have seen in recent weeks the increasing number of incidences of violence. The reason is because many are idle and not employed. They have become vulnerable to the whims of cheap politicians who hope to gain support through violence.

Violence will deter youth from reaching their goals. Violence damages relations between youth and threatens the unity that is needed in order to live in harmony and engage in jobs or income generating activities.

It is very difficult to repair the damage caused by violence once it has happened. I am therefore appealing to all youth to make conscious decisions to shun violence. Say NO to any situation
that leads to violence. Work hard on being tolerant of each other. Openly discourage perpetrators. Refuse to be involved. Name the perpetrators. Disgrace them.

My SECOND point today is to urge young people to direct themselves to opportunities for becoming self employed or to become employed. There are great many opportunities for youth to become
entrepreneurs in all sectors.

The mandate of the Ministry of Youth Development, Indigenisation and Empowerment is to ensure that all young Zimbabweans are able to be economically empowered through entrepreneurship and business development. Youth face challenges of not having the right knowledge and skills to start businesses and also not having equipment and loans to run their businesses.

My Ministry has programmes to help youth identify viable businesses in the areas where they live. We also have training programmes to provide skills to youth so they are able to start their
businesses. Training provides the basic skills for empowerment. Youth skills’ training is either at Vocational Training Centres or in the places where youth live. The programmes try to reach every ward in Zimbabwe.

In addition, my Ministry helps young people start businesses and also join cooperatives and savings clubs to better manage the income.

Most importantly, the Ministry has established Youth Development Fund (called YDF) to help give credit and loans to young people to start and grow their businesses. Since we started the YDF 3 years ago, several young people have benefitted. Many have grown their businesses and are becoming noticeably productive and respected members of their families and communities.

The YDF works with business and banking partners who commit their own funds to support youth businesses. Government is pleased with the progress so far.

TODAY we witness the launch of another successful partnership to add loan funds for Youth Empowerment. Old Mutual Private Limited has committed 11million dollars for Youth Economic
Empowerment. This is a very significant amount that will see every province receive over 1million dollars to help youth business projects. This is indeed a major contribution.

On behalf of the Government of Zimbabwe, I wish to commend our greatest appreciation for the Old Mutual’s decision to partner with government. These funds make it possible to establish for MANY opportunities for youth business from being producers of basic products in mining and agriculture, to the millions of opportunities in manufacturing and processing of products – any products.

Given their energy, enthusiasm and innovativeness, young people have the potential to contribute immensely to the social and economic development of Zimbabwe. They must be placed at the
forefront of building the economy of the country.

The Old Mutual Youth Empowerment Fund opens the doors to make it possible to engage in discussion and debates about where the best opportunities for the greatest number of youth businesses.We are able to ask the questions. How can youth be the drivers of the national economy while at the same time supporting their livelihoods? How can youth help eradicate poverty in Africa? Where should the greatest
investments be in training, infrastructure, equipment, marketing, exports? What are the future industry scenarios that take into account youth as the major human resource?

I would like to take this opportunity to invite other businesses and financial institutions to partner with
government programmes to empower youth and build Zimbabwe.

My Ministry, along with the National indigenisation and Economic Empowerment Board, has recently approached the Ministry of Finance to activate a levy in order to generate additional funds to
the youth empowerment programme. I hope to secure cooperation and concurrence from the Ministry of Finance by the end of next week in order to provide a viable platform to financially empower youth across the whole nation and across the political divide. The Inclusive Government owes the youths of this country such a redeeming economic dispensation. There are no options about it.

IN CLOSING, I wish to thank all those who have attended this important day. This includes representatives of businesses, tertiary institutions, youth associations, students, and youth from all walks of life. I also wish to thank all Government Ministries and Departments that have joined us today.

We commend our partners in Old Mutual for their commitment and dedication during the whole preparatory process prior to this great launch of the Youth Development Fund.

Finally, I wish to wholeheartedly appreciate the efforts of the many individuals and organizations that are supporting youth development and empowerment efforts. It is through such cooperation that we can achieve the goals of peace, unity and development that have persisted for so long among Zimbabweans.

I THANK YOU.

Honorable Saviour Kasukuwere (M.P)
Zimbabwe Minister of Youth, Indigenisation and Empowerment

Monday, November 14, 2011

Invitation to the AFRICA YOUTH DAY COMMEMORATIONS.16 NOVEMBER 2011 HARARE INTERNATIONAL CONFERENCE CENTRE (HICC).

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On Wednesday we will be gathering at the HICC Rainbow Hotel to hold a belated Africa Youth Day celebrations and the launch of the Youth Fund. Let's attend the celebrations and be part of history as our determination to ensure that indigenisation and empowerment efforts succeed.The youth are our biggest asset as a nation and they are going to be central in developing our national economy.
We will continue to work tirelessly to raise funding for the empowerment of the energetic youths of Zimbabwe.As l have often said,the young Zimbabweans are what any serious nation needs to achieve economic independence.Smart,educated and brave the skills base is awesome and must be harnessed for the national good,with the right support and focus it wont be long before we talk of serious entrepreneurs emerging within these great people. I am certain that the youths have what it takes and can be relied upon to make our nation a proud country.However we must support them,ensure that banking institutions embrace youth empowerment.It is through empowerment that we can create jobs ,it is through the youths that we can have strong domestic investors who can match entrepreneurs the world over.We have done it before and we can do it again,history repeats itself.It was the young generation that fought for the liberation of our country and it will be the young again who must grow the food,till the land ,mine the gold ,break the rocks and build new roads,manufacture the latest phones and challenge the world.

Today you might be misunderstood and abused,but lets have the indomitable Zimbabwean spirit.....never die attitude.The $10million dollar fund,well managed and rolled over again and again,will definitely open a whole world of opportunities for our youths.It's a generational responsibility and l have no doubt that out there there are lions and lionesses ready to get out economy back on her feet and expand it.

The efforts being made are not without challenges and serious undermining.I must admit ,a GNU while necessary to stabilise our nation,is however not ideologically prepared to take the painful decisions that can uplift our young people.Too much backstabbing,lack of foresight and crude attempts to acquire power at the expense of the young,is very very sad.Lets do the right thing and give our youths hope and opportunity.They want to grow healthy and happy families ,they want to be given an opportunity to own property and clothe their offspring.We owe it to them not to some foreign power who are irrelevant when it comes to our people.Construction of policies that do not speak to the people and are essentially elitist and unrealistic can not be entertained anymore.
The youths must be empowered and let's stop being slaves of other people and insult ourselves because we think we are inadequate.NOW we can do it and the youths ,do me a favor just rise to the occasion,let's shame the detractors.

Enough punishment has been meted out to the young and its time you get the bearings right.Empowerment and indigenisation is yours.It's about the youths ,it's about your current and future well being.Don't make any apology about it,the country is yours and you have a duty to work,develop and be in better circumstances in your Zimbabwe.

On Wednesday all the youths irrespective of your political persuasion,come and let's build a common future based on enterprise,hard work ,honesty and dignity among the youths.Through empowerment let's create the jobs,it can't be the other way round...in other words an empowered people can create jobs for themselves and others not the failed American Jobs Act policy.Izvo zvekukopa izvi zvinonetsa!

Let me share again,imagine the amount of roads this country must develop for us to compete with other first world countries,the buildings we must build,the food we must grow and export.The industry we should set up ,manufacturing,the banks ,tele networks etc... it all requires dreamers amongst our young people.Fear fear itself.

And lastly,VIOLENCE is unacceptable in whatever form,be it physical,emotional or otherwise.No to fighting over nothing,get busy and build your future.Your words must build and not inflame or promote hatred . Lets meet on Wednesday,BE THERE AT THE HICC Rainbow.Its your day !!!!

Sunday, November 13, 2011

Zimbabwe Indigenisation moves to the Manufacturing Sector

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1 November 2011

PRESS STATEMENT BY THE MINISTER OF YOUTH DEVELOPMENT, INDIGENISATION AND EMPOWERMENT,HONOURABLE SA VIOUR KASUKUWERE (MP) ON THE PUBLICATION OF THE SECTOR SPECIFIC FRAMEWORK FOR INDIGENISATION IN THE MANUFACTURING SECTOR.


The indigenisation and economic empowerment programme seeks to create opportunities for increased participation by indigenous Zimbabweans in the mainstream economy.

The Indigenisation and Economic Empowerment Regulations of 2010 provide the general operational guidelines forimplementing the indigenisation and economic empowerment legislation in Zimbabwe. These regulations require that I gazette sector-specific notices laying out the minimum requirements for indigenisation in the various sectors of the economy.

In terms of the above, I would like to inform the public that, on 28 October 2011, I gazetted the sector specific notice for the manufacturing sector, namely General Notice 459 of 2011. This notice lays out the minimum requirements for indigenisation of businesses in the manufacturing sector.

General Notice 459 prescribes the following:

All businesses in the manufacturing sector with a net asset value of at least $ 100 000 shall comply with the indigenisation and economic empowerment legislation.

There shall be a lesser share of 26% indigenous shareholding.

Businesses have to comply with the 51% indigenous shareholding requirement over a period of 4 years from the date of publication of the General Notice.

The following are the annual indigenisation targets:

Year 1: 26% indigenous shareholding.
Year 2: 36% indigenous shareholding.
Year 3: 46% indigenous shareholding.
Year 4: 51% indigenous shareholding.


Eligible businesses are expected to submit their Indigenisation Implementation Plans within 45 days from the date of publication of General Notice 459 of 2011 in terms of section 5 (6) of the Indigenisation and Economic Empowerment (General) Regulations 2010, as amended.

General Notices on the remaining sectors will be published in due course.

Honorable Saviour Kasukuwere (M.P)
Zimbabwe Minister of Youth, Indigenisation and Empowerment



Thursday, November 10, 2011

Minister Kasukuwere Responds to MDC President Morgan Tsvangirai Statement on Violence

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A recent press statement by the MDC President Morgan Tsvangirai alleging that l participated or organized the violence that took place in Chitungwiza on Sunday,is completely false and an unfair attack on me. I have since approached him and he has assured me that he will check with his sources and take the necessary action to put the the record straight.

On my part, I travelled to Mutare with Hwata and the entire day l was attending to my business in Mutare. It is unfortunate that malice will drive people to accuse others or make baseless and unfounded allegations. I will defend myself on this allegation and l will get my name cleared. Its been a very painful moment to have such allegations labelled on me by the MDC President. I hope we will all be matured enough to handle this matter in a manner that is honest and fair. I am sure the PM will have the integrity of stating publicly his findings.

My stance is clear: Violence is unnecessary and must be condemned.Young people must not  allow themselves to be instruments of destruction and aggression. Differences must not be resolved in violent confrontation and the events of last weekend are unnecessary.


I wish a speedy recovery to all the young people who were affected and call upon the law enforcement authorities to bring the culprits to book.



Hon Saviour Kasukuwere 
Minister of Youth, Indigenisation and Empowerment

Monday, November 7, 2011

The Young People's Festival: Africa Unity Square- 5 October 2011

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The Minister of Youth Development, Indigenisation and Empowerment, Honourable Saviour Kasukuwere was asked to give an address at the "Young people's Youth Festival" at the memorial Africa Unity Square in Harare. Below is the address the Minister gave to the youths present, it remains relevant to all Zimbabwean youths across the globe....

SALUTATIONS

The Hon Deputy Prime Minister, Thokozani Khupe

The Hon. Junior President , Anesu Rangwani

Resident Representative of UNFPA, Dr Tambashe

Representatives of the Ministry of Health and Child Welfare

Representatives of other Government ministries

Representatives of the various NGOs

Invited guests

Young women and men

I am pleased to be invited to be part of the Young People’s Festival Campaign that is being held today. The idea of holding festivals resonates very positively in bringing together young people and the various supporting actors to confirm our collective commitment to building better lives for youth.

Today’s theme ‘Ensuring that every child is wanted and every birth is safe’ is particularly significant as we acknowledge the world population of 7 billion recently attained.

The theme also raises a few important points that I wish to share with you today:

My First point relates to the excessively high numbers of children born to young people. Most births are unplanned. Many young parents are unprepared and unable to provide suitable care and support for them.

Although we receive reports of some success, this situation persists despite the efforts of very many programmes and organizations throughout Zimbabwe.

The greater efforts have been on imploring the personal responsibility that young people have on their own lives and the lives of their children.

The key point is about being responsible. Being able to be responsible is a central aspect of youth empowerment. Being personally responsible means being able to make the right choices and the right decisions about ones life and those that you care for. It also means being able to do take the right
actions to support your life and the lives of others.

Therefore, for youth, the ability to have children goes hand in hand with the ability to be responsible.

My ministry’s commitment to EMPOWERMENT means First, providing young people with opportunities to be able to acquire knowledge and skills to be responsible and to make the right choices ; and Secondly, to take action by supporting themselves economically.

My Ministry works with several organizations to implement programmes for supporting healthy lives among young people. The major aim has been to foster good sexual and reproductive health behaviours among young. The success of these programmes rests on the extent to with youth believe and make safe and healthy choices.

This brings me to my Second point today which relates to the extremely high numbers of youth who are unemployed. Many have not acquired qualifications or skills and are therefore unable to become employed or to become self employed.

The Government of Zimbabwe is committed to ensuring that every young person is able to support themselves and their families. We are emphasizing entrepreneurship as the major route to youth employment.

My Ministry’s programmes focus on providing skills for entrepreneurship as well as to support business development among youth. The entrepreneurship programmes are offered to all types of youth – those with tertiary qualifications as well as those without.

We work with several partner organizations to provide business training. One key agency is the Zimbabwe Youth Council who hold training workshops in partnership with various organizations. Many tertiary institutions also have included business training alongside their academic programmes.

For those not in tertiary institutions we have short courses to develop skills
competences and qualifications for particular products combined with business skills.

My Ministry also partners with local banks to provide loans and credit to help
young people start and grow businesses. We have a Youth Development Fund that has already helped several hundreds of youth become employers or be employed.

We encourage youth to pursue entrepreneurship as the main opportunity for earning incomes to support themselves.

Finally, I wish to acknowledge the work of several organizations and individuals working tirelessly to help Zimbabwe achieve better success with healthy lives. It is the hard effort, commitment and creativity of all of you that brings collective success.

We wish to acknowledge the financial and other support that is essential for programmes to work. At the same time we acknowledge that much of the work is thankless and voluntary. To those people we say thank you and wish to encourage you for further work. We continue to seek and invite more partners in these very noble endeavours.

To the organizers, I wish to congratulate you on the success of this Campaign.

I thank you.

Hon Saviour Kasukuwere 
Minister of Youth, Indigenisation and Empowerment

Friday, November 4, 2011

Honourable Saviour Kasukuwere's Speech at the Symposium on the Implications of the Korean Economic Development Experiences for Zimbabwe

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SPEECH BY THE HONOURABLE MINISTER OF YOUTH DEVELOPMENT, INDIGENISATION AND EMPOWERMENT AT THE HISTORY AND ECONOMIC DEVELOPMENT FORUM: YONSEI UNIVERSITY, REPUBLIC OF KOREA- SEOUL.

SALUTATIONS
Professor Cho: Chairman – Yonsei University
Deputy Minister Chidakwa: State Enterprises and Parastatals
Distinguished Professors
Ladies and Gentlemen

Having already spent at least four days in Korea and seen what your country has achieved, from its hardships to economic prosperity, I have had my resolve in seeing my own country achieve economic prosperity strengthened. I believe more
than ever that while Zimbabwe still has much to do, we are on the right track
in pursuing “Broad Based Economic Empowerment” for our people. Indeed Korea and
Zimbabwe share some historical similarities, being countries that were colonised and have had to endeavour to free their people from poverty and guarantee them socio-economic security and their place as participants in the world economy.

I can confidently say therefore that we in Zimbabwe have much to learn from a Republic that has clearly reached where it is today because of the commitment, spirit and endeavours of its people. I have thus reached the conclusion that we in Zimbabwe can, with your support and help, through business partnerships and synergies achieve our own economic growth and prosperity for our people.
My presentation to you today is therefore to seek to have you understand better what Zimbabwe has been doing with regard to achieving “broad based economic empowerment” for its people and what such an initiative in the form of indigenisation means for potential foreign investors, including from Korea.

I would like,most importantly, to share with you what we have been doing with regard to the indigenisation of our economy, most importantly to demystify the misconceptions about indigenisation in Zimbabwe. It is these misconceptions which might have made some in Korea to hesitate coming to Zimbabwe to invest in an economy that,  far from being a threat to investment as has been misrepresented, will guarantee such investments.

I will focus my presentation of two critical questions on indigenisation that have on many
occasions been raised by potential investors:

1) WHAT IS INDIGENISATION AND WHAT DOES IT OFFER TO ZIMBABWEANS.

Indigenisation is a Government policy and initiative defined by two considerations by the Government of Zimbabwe:

i. Firstly,by reflection on a past historical experience where its black majority and indigenous population experienced racially imposed economic deprivation by it colonisers;

ii.Secondly,an insight into a future for Zimbabwe that recognises that the ownership of our
economy is a matter national interest and importance. This means that it is therefore imperative that sustainable economic growth, development and socio-economic prosperity of Zimbabwe is owned and controlled by its own people.

[The story of Korea inspires us!!]

Given such considerations the laws of Zimbabwe have now made provision for the majority
indigenous Zimbabweans who were deprived of any benefit from their economy by
colonialism to own at least 51% of their economy, especially in key sectors that are strategic and critical to the growth and development of our economy. Any foreign investment in Zimbabwe must therefore ensure that at least 51% of such investment is secured by Zimbabweans.


The overall objective for indigenisation is therefore to achieve the following:
Ø To economically empower previously disadvantaged Zimbabweans.

Ø To create conditions that will enhance the economic status of disadvantaged Zimbabweans.

Ø To promote the development of a competitive domestic private sector that will spearhead economic growth and development. We believe that development is a process owned by a people. This is achieved through ensuring that the people of a country control and own its economy so that they
are guaranteed the benefits of such an economy to help drive their development.

Ø There is therefore no investment that can thrive in an economy a low income domestic investor thus the need to ensure sustainability of both the foreign and domestic investor.

Most importantly our indigenisation initiative is based on a “broad based economic
empowerment” approach, one which seeks to benefit all Zimbabweans at all levels and does not seek to benefit only a privileged few. This means that any investor coming to Zimbabwe will have a broad market to invest in amounting to no less than 13 million Zimbabweans.

To achieve such a broad based approach we have identified three keys areas that must be guaranteed ownership of
Zimbabwe’s economy, namely:
 (a) local communities
(b) employees and
(c) the sovereign wealth fund.

Ladies and Gentlemen, one cannot invest in a country where the people themselves are not
able to participate in their economy and ensure that foreign investments are made sustainable and indeed profitable. I will therefore outline to you that indigenisation is a policy that seeks to guarantee the people of Zimbabwe ownership and control of their economy, having been historically deprived of
any participation in their economy by colonialism. It is such broad based economic empowerment that will ensure that Zimbabweans begin to grow their own economy and guarantee development that secures their own socio-economic needs.

2) WHAT IS THE IMPACT OF INDIGENISATION ON INVESTORS WHO WISH TO INVEST IN ZIMBABWE.

Here I will correct the misrepresentation that by indigenising our economy we are seeking to scare off or chase away investors who wish to come to Zimbabwe. On the contrary we believe that it is through indigenisation, where a people own and control their economy and natural resources, that investors can then be invited into a country and be able to confidently invest in that country knowing for certain that their investment, to whatever extent, is guaranteed by the people of that country. We have since learnt, and indeed the world is learning, that any investment, whether domestic or foreign, is
difficult to sustain when the people of the host country are excluded from participation and benefitting from their own economy. Such deprivation causes resentment and conflict which in the long term is not conducive for any investment, whether domestic or foreign.

3. COMMUNITY AND EMPLOYEE SHARE OWNERSHIP SCHEMES/TRUSTS

By local communities we mean that those Zimbabweans who have long been marginalised from
the economy on whose very land lies vast natural resources, including mineral resources, must benefit from those natural resources by securing at least 10% share in any foreign investment or company exploiting such natural resources from within their community or land. By so doing we will transform the lives of millions of Zimbabweans residing in rural areas who have in the past benefitted
only as labourers for mining companies mining their mineral resources.

The Government has begun a process of setting up community share ownership schemes/trusts thorough which local communitieswill be able to hold and own 10% in any investment that exploits their naturalresources. The Community trusts will build on capital which has been denied of them and this is the beginning of the accumulation of wealth by our people. Our communities with their capital and value arising from their equity in community share trusts can result in them being able to attract Korean investors to attract much needed infrastructure by leveraging on the shares. Effectively we
have entered an era were our communities have been empowered to pay a part in national economic development creating opportunities for employment, domestic investment and overall upliftment of the people.

We must be aware that these CSOS/Tare not an end in themselves, where the community simply owns ten percent shares,but are a means to guaranteeing real and broader investment and development for the communities.

A community will thus be able use their 10% share in the exploitation of their natural
resources to build roads, infrastructure, schools, and hospitals, etc, to benefit those economies. It also means that once such a community is economically empowered it can then use its 10% stake to open other investment opportunities for itself, such as investing on the stock market or even in other countries, therefore broadening their developmental capacity beyond the 10% it will have
originally secured from the exploitation of its natural resources.

Zimbabwe recently set up its first community trust, involving a platinum mining company,
Zimplats. This Trust has guaranteed to at least three local communities a share in a company to the value of at least 100 million United States dollars. Several other such trusts are already in the process of being set up by companies that have already concluded negotiations with the Government of Zimbabwe.

You can imagine now, that any investors from South Korea will thus be able to come to
Zimbabwe targeting not only a small population in the capital cities but with an eye on local communities that are economically empowered and could well be seeking goods and services from South Korea to complement their development. Zimbabwe is also a country with vast skilled human resources, it being ranked the most educated country in Africa at the moment.

The challenge has however been that Zimbabwe’s employees who were historically
exploited under colonialism have not benefitted from their labour and from companies they have helped to grow. Through employee share ownership scheme/trust we will guarantee employees direct benefit from companies they work for through securing for them a minimum of 5% share in the ownership of those companies. This means that foreign investors will be guaranteed a committed labour force, free from debilitating labour actions and therefore able to ensure maximum profits. Workers are key in company growth and development for they too take risks and deserve rewards. Hard working mine workers in many an African setting have sacrificed with their sweat but the hand of their service they drift into a life of penury. An empowered labour force is a productive labour force.


4. SOVEREIGN WEALTH FUND

A Sovereign Wealth Fund is an inter-generational fund that guarantees nationals of continued
benefit arising, in our case, from the extraction of our mineral resources. It will be used to ensure equal
development of our country and insulate our country in times of unpredictable resource
prising and exhaustibility. It is our desire therefore that the Sovereign Wealth Fund ensures financial stability of the national economy. The wealth fund gives the country security to develop the economy and comfort to our entrepreneurs. The value of our national endowment shall be captured under the Sovereign Wealth Fund.

5. EMPOWERMENT OF ENTREPRENEURS.
Ladies and gentlemen, it is important that a nation like Zimbabwe, and learning from the
inspiring Korean story, consciously support the creation of entrepreneurs through SME development and other interventions. The Korean story boasts of Daewoo, Hyundai, LG, among other giants who are leading businesses which have created wealth beyond and without. Our National Indigenisation and Economic Empowerment Board through share warehousing and direct support to the young entrepreneurs  is aimed at supporting the growth and development of Zimbabwean economic
giants. We are now convinced further that any foreign investor can never be confident in investing in a country where the people of that country have not achieved for themselves a level of economic participation and domestic investment  to encourage the foreign investors to partner with them. Zimbabweans must first be economically capacitated.

6. INDIGENISATION GUARANTEES FOREIGN INVESTMENT

Our vision for indigenisation is characterized by partnerships between local Zimbabweans and foreign investors that guarantees win-win outcomes, security of investment and establishment of up and down-stream industries for the maximum benefit to the majority of the population. Foreign investors must be confident in coming to invest in Zimbabwe, in a country where they are guaranteed by law at least 45% in the economy of Zimbabwe. Put into context, this is an economy with the second largest platinum  reserves in the world, estimated to have the largest alluvial diamond fields and with other vast reserves of gold, chrome, coal, etc. Surely 49% of such an economy cannot be deemed as little or a bad investment.

ProfessorSeung- Hun Chun, President of the Korean Institute of Development, yesterday said, “Africa is a Land of Opportunities and Korea, The Land with Vivid Experiences of Development”, he further
posited that in order to tackle its challenges, Africa needs to seek for feasible alternatives carefully, and he notes that needed is visionary leadership by the government with strong development ownership. This is what we are doing as we design a trajectory of growth and development based on the democratization of our economy that transforms architecture that by and large
was exclusivist to an era of inclusive investment.

For Africa, the time hascome for us to learn from Korea on how they overcame adversity and achieved prosperity. Africa is a continent with a sad history of deprivation which led to conflict, wars and diseases. Such a hostile environment has not been conducive for sustainable investment. Zimbabwe however has not only managed to maintain general peace and stability conducive for foreigners to invest. It has now embarked on an indigenisation programme that will see the people of
Zimbabwe willingly and freely participate along side bona-fide investors.

Ladies and gentlemen Zimbabwe welcomes you, the doors are open. Economic freedom ensures peace and stability and it is an ideal that our heroes and forefathers fought for as they over- threw colonialism, racism and apartheid.

The natural resources are vast, human resources plenty and the indigenisation law both enabling and protective towards foreign investors. Lastly allow me to quote His Excellency, President Robert Mugabe when he said, “We wont rob investors of what rightly belongs to them but we also don’t want to be robbed!!”.