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Prince Sunduzani, Business Reporter
FOREIGN investors should leave reserved sectors for indigenous Zimbabweans, a senior official said.
Addressing youths at an expo held in Bulawayo recently, Youth Development, Indigenisation and Economic Empowerment Deputy Minister, Mathias Tongofa, commended the Bulawayo City Council for its approach in supporting local businesses in reserved sectors.
Under the Indigenisation and Economic Empowerment Act, locals have the preserve of operating businesses in categories such as agriculture and primary production of food and cash crops, transportation, retail and wholesale, barber shops and beauty salons, employment and estate agencies, valet services, grain milling, bakeries, tobacco grading and packaging, advertising agencies, milk processing and provision of local art and craft, marketing and distribution.
“These businesses are reserved for our own indigenous people. We don’t need a foreigner to come and run a hair salon, we don’t need a foreigner to come and startup a kiosk, we expect our own people to do those businesses,” he said.
The Deputy Minister urged Bulawayo youths to be pragmatic when doing business to ensure sustainability and growth of their enterprises.
“You need to demonstrate capacity to run a business if you are to get funding from banks.
“CBZ used to give loans to young people without demanding collateral but many of the beneficiaries failed to pay back the loans,” said Cde Tongofa.
He said Government had guaranteed the loans and as such was likely to lose the money.
Speaking at the same event, Mpopoma-Pelandaba Member of Parliament Joseph Tshuma urged youths to shun political violence and focus on development.
He said the youths stand a better chance in business than in politics.
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