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Senior Business Reporter

CABINET has approved the principles of the Economic Empowerment Bill, which seeks to create a resource and administrative structures for supporting economic empowerment of citizens.

The bill was presented to Cabinet on Thursday by the Minister of Industry and Commerce, Dr Sekai Nzenza.

Speaking during Thursday’s post Cabinet meeting, Information, Publicity and Broadcasting Services Minister, Monica Mutsvangwa, said the principles will repeal the Indigenisation and Economic Empowerment Act [Chapter 14:33] and pave the way for the enactment of the new Economic Empowerment Act.

“The nation is being informed that the principles are intended to create a resource and administrative structures for supporting economic empowerment of citizens,” she said.

“The principles will repeal the Indigenisation and Economic Empowerment Act [Chapter 14:33] and pave way for the enactment of the new Economic Empowerment Act.

“The Second Republic attaches special importance to opening up the nation for business, hence the promulgation of the Finance Act No. 1 of 2018, which amended the Indigenisation and Economic Empowerment Act. It will be recalled that the amendment removed the 51/49 indigenisation shareholding cap.”

Minister Mutsvangwa said the formulation of the draft Bill will be undertaken through a multi-stakeholder consultative process under the whole-of-Government approach.

Further to that, the new law will provide for the establishment of the National Economic Empowerment Fund, mainly through Treasury funding.

“The Act will also establish a Corporate Social Responsibility Framework and training will be operationalised under the National Entrepreneurship Training Framework of the Manpower Planning and Development Act,” she said.

“It will be aligned to the Constitution of Zimbabwe, the National Development Strategies, Vision 2030, the United Nations Sustainable Development Goals and to the African Union Agenda 2063,” said the minister.