Africa, Business, invesment, Invesments, news, Uncategorized, World Bank, World Bank Group

Africa News November 27, 2013 at 09:38AM

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VENTURES AFRICA – Foreign retailers, mostly Chinese and Nigerian retailers who have flooded the Zimbabwean market may face prosecution if they do not comply with Zimbabwe’s indigenisation laws or close business by the end of the year, a senior government official said Thursday.

Secretary for Youth, Indigenisation and Economic Empowerment George Magosvongwe, while speaking to a parliamentary committee meeting said the government would enforce the policy beginning January 1 2004 to protect the livelihood of its citizen.

According to Zimbabwe Times, under the country’s economic empowerment legislation, areas reserved for locals include retail and wholesale businesses, barbershops, hairdressings, beauty salons, bakeries, employment agencies and grain milling, among others.

Magosvongwe disclosed the ministry was preparing measures to ensure the exit of foreigners from the retail sector would not result in shortages.

“There is need to ensure that we don’t create shortages in the economy, but certainly the ministry is going to enforce the reserved sectors rule,” he said.

The January 1, 2014 ultimatum was gazetted in May, making it mandatory for all locally and foreign-owned firms in reserved sectors to apply for indigenisation compliance certificates.

Only locals will however be given those certificates.

 

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