Chronicle EditorTalent Gore Herald Reporter
Government has ordered businesses in reserved sectors of the economy to renew their licences while those without the mandatory authority should apply to the National Indigenisation and Economic Empowerment Board (NIEEB).The country’s empowerment laws dictate that businesses and individuals operating in the reserved sectors of the economy should possess a valid reserved sector indigenisation certificate.
The reserved sector category comprises businesses that are exclusively meant for Zimbabwean entrepreneurs.
The classified businesses under the reserved sector include; agriculture and primary production of food and cash crops, transportation, retail and wholesale, barber shops and salons, employment and estate agencies, vale services, grain milling, bakeries, tobacco grading and packaging, advertising agencies, milk processing and provision of local art and craft, marketing and distribution.
(NIEEB) chief executive Mr Wilson Gwatiringa said the deadline for the two processes was January 1, 2017.
“The main aim for the renewal and application of reserved sector licences is to make sure that there are no foreigner investors in that sector,” he said.
“Foreign-owned companies operating in reserved sectors of the economy are at risk of losing their licences if they fail to comply with the Indigenisation and Economic Empowerment Act. If a foreign investor wants to invest, he should apply for a licence in other sectors and not the reserved sectors.
“If it so happens that one acquired a licence before the Indigenisation and Economic Empowerment Act, that company will have to re-apply for other sectors.”
Mr Gwatiringa said the licences within the reserved sector were renewed annually and all business operating in the classified sectors should comply with the law before the deadline.
Online Reporter