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.
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)
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