david chapfika2  08-09-10.jpgStakeholders have urged relevant authorities to work closely with various government departments in realigning the existing legal framework on investment with the Indigenisation and Economic Empowerment Act.

 

The call comes after revelations that there appears to be a legal conflict between the Indigenisation and Economic Empowerment Act and the Zimbabwe Investment Authority Act.
 
Chairman of the National Indigenisation and Economic Empowerment Board, Cde David Chapfika said several acts are being revisited to ensure harmonisation with the Indigenisation and Economic Empowerment Act.

 

“Several Acts are being revisited for them to be harmonised and the matter is being treated with urgency,” said Cde Chapfika.

 

The Permanent Secretary in the Ministry of Economic Planning and Investment Promotion, Dr Desire Sibanda said there is no legal conflict between the indigenous law and the Zimbabwe Investment Authority (ZIA) Act.

 

Dr Sibanda said ZIA promotes domestic investment, adding that concerns being raised are a result of people who digress from the initial sectors they would have applied for.

 

“We promote domestic investment and ZIA is not only for foreigners……shops are protected against foreigners,” said Dr Sibanda.

 

The Zimbabwe Investment Authority was established by the Zimbabwe Investment Authority Act chapter 14.30 and its mandate is to facilitate and process investment applications for approval, give investment licenses, identify sectors for potential investment among other things.