The Zanu PF’s Revised Indigenisation and Economic Empowerment policy gives a lifeline to foreigners who have already invested in the reserved sectors, a preserve for locals, the party’s secretary for Indigenisation and Economic Empowerment has said.
Dr Mike Bimha confirmed this in an interview saying there are some foreigners who, in the past, had invested a lot of capital and technology into these areas before enactment of the policy.
“Obviously, they will co-exist despite the new thrust of the policy,” said Dr Bimha.
Under the revised policy, the reserved sectors are transport, retail and wholesale trade, barbershops, hairdressing and beauty salons, employment and advertising agencies, grain milling bakeries, tobacco grading and packaging, provision of local arts, craft marketing and distribution and artisanal miners.
“We accept that we already have foreigners who have in the past invested a lot of capital and technology into these areas and obviously we would to ensure that we co-exist despite thrusts of this policy.”
The foreign investors are expected to train locals in terms of technological transfer and mentorship.
“However, we would expect those foreigners who are already in these areas to have programmes to train locals and carry out technological transfer. We also expect local mentorship from these foreigners. We will be coming up with details of how this can be achieved,” said Dr Bimha.