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Zvamaida Murwira Harare Bureau
ZANU-PF’s Politburo meets tomorrow to deliberate several issues, including modalities of holding the National People’s Congress in December and proposed amendments to the indigenisation law.Zanu-PF secretary for administration Cde Didymus Mutasa yesterday said he could only comment on these issues after the meeting.
“It will be after that meeting when I can speak substantively on the Congress,” he said.
Zanu-PF is this year holding internal elections starting with the Youth and Women’s leagues, followed by the main wing.
Jostling for positions, particularly in the Youth League, has already started and the Politburo is expected to give guidelines on how the electoral college would be constituted and how candidates should conduct themselves.
There is much talk of amending the Indigenisation and Economic Empowerment Act; and Youth Development, Indigenisation and Economic Empowerment Minister Francis Nhema is expected to brief the Politburo.
Finance and Economic Development Minister Patrick Chinamasa told the National Assembly last week that Cabinet had directed Minister Nhema to align the law with policy pronouncements made by President Mugabe at Zimbabwe’s 34th Independence celebrations and the Zimbabwe International Trade Fair in Bulawayo.
He said Cabinet directed the urgent realignment of investment and empowerment laws so that they reflect a 100 percent ownership of natural resources by Zimbabweans, with investors entering into profit sharing agreements.
This is in line with President Mugabe’s pronouncements that more Zimbabweans should participate in the economy.
Minister Patrick Chinamasa said the thrust of the indigenisation policy as pronounced by the President would ensure more economic participation by indigenous Zimbabweans and secure a win-win situation with investors.
The proposed review of the indigenisation policy moves from requiring at least 51 percent equity in the hands of indigenous Zimbabweans to ensuring they retain 100 percent ownership of their natural resources.
As currently constituted, the Indigenisation and Empowerment Act requires all foreign-owned businesses worth $500,000 or more to cede at least 51 percent shareholding to indigenous Zimbabweans.
But under the proposed arrangement, the resources are wholly indigenised through the Production Sharing Model (PSM) and the Joint Empowerment Investment Model (JEIM).
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