New economic empowerment policy on the cards

Industry Minister MIke Bimha

Zanu-PF is working on crafting a draft economic empowerment policy which will replace the Indigenisation and Economic Empowerment Act as Zimbabwe moves to attract foreign direct investment.

Recently, the party held breakfast meetings in Harare, Bulawayo and Mutare to solicit views of various stakeholders ahead of the review of the Indigenisation and Economic Empowerment Policy.

The draft policy is being organised by the party’s Department of Indigenisation and Economic Empowerment. In an interview, the party’s Secretary for Indigenisation and Economic Empowerment Dr Mike Bimha said the party is crafting a draft Economic and Empowerment policy to make sure it appeals to investors.

“The party, which is supreme to Government, wanted to get perspectives of various groups of people, including the private sector, parastatals and small and medium enterprises, regards the proposed review of the empowerment policy.

“What we want is to come up with a policy as a party, but it will have a national outlook. As you know, Government comes from the party, but Government should get input from the party.

“Government has the responsibility to make laws emanating from various policies, but that prerogative to make laws is not for the party, but as a party we need to consult as widely as possibly to come up with what we believe should be our Indigenisation and Economic Empowerment policy,” said Dr Bimha.

Dr Bimha said a lot of work has already been done in terms of consultations, what they need now is to concretise the economic empowerment policy and be able to push it through to the Government to determine its approval.

“We want the indigenisation law to be replaced by a more ‘business-friendly’ Economic Empowerment Act,” – Herald