adminIn an interview, NIEEB chairperson Mr David Chapfika said Indigenisation compliance certificates were issued by the board to entities in compliance with the economic empowerment laws of Zimbabwe.
Last year, Government promulgated the Indigenisation and Economic Empowerment Act, which among others, stipulates that foreign-owned entities with a turnover exceeding $500 000 should cede 51 percent to
locals.
This is meant to address eco-nomic disparities that existed as a result of colonialism in the country.
“We are urging all licensing authorities in the country that they must demand Indigenisation compliance certificates before issuing licences to foreign-owned entities,” he said.
Mr Chapfika said this year they would continue focusing on the launching of Employee Share Ownership Trust and Community Share Ownership Schemes and the process would be complete by mid year.
He said NIEEB would this year also focus on ensuring that firms adhered to procurement compliance in line of the Indigenisation and Economic Empowerment policy, which stipulates that at least 50 percent of companies’ consumables must be sourced from the local market in order to promote the growth and development of Zimbabwean-owned entities.
Mr Chapfika said his board would also work towards ensuring that sectors such as hair salons and retail outlets were reserved for local investors and ensure that no foreign investors invested in reserved sectors.
“We are focusing on decentralising NIEEB activities. We have completed the setting up of our head office and now we need to establish human and physical infrastructure at provincial level.”
The NIEEB was established with a mandate to mobilise resources for the successful implementation of the Indigenisation and Economic Empowerment programme.
Online Reporter