saviour-kasukuwere1.jpgThe  Minister of Youth Development, Indigenisation and Empowerment says government expects local companies owned by foreigners with at least US$500 000 net asset value to meet the deadline for submission of empowerment proposals which expires today.

 

In a telephone interview, Cde Saviour Kasukuwere said there is reason to believe that all companies will comply with the indigenisation and empowerment regulations. 

 

Companies operating in the country are required to submit proposals on how they will meet regulations of the Indigenisation and Economic Empowerment Act of 2008 by June 30.

 

More than 600 companies had submitted their proposals on complying with the 51% ownership by indigenous Zimbabweans by last week, but more firms are believed to have complied to date.

 

Government previously extended the deadline, which was initially set at the 1st of March this year, but Minister Kasukuwere recently told journalists that the 30 June deadline still stands.

 

“Earlier on we had extended the period for submission of IDG 01 to 30 June; this is still standing. In addition we had also indicated that in terms of the US$500 000 threshold valuation this is based on the net asset value of each business,” said Cde. Kasukuwere.

 

Government recently made amendments to the indigenization regulations which include setting up of sector specific committees to make recommendations on sectoral thresholds and time frames for meeting the 51% indigenization quota.