Government says the Indigenisation and Economic Empowerment Act is not negotiable as it is part of the countryâ€™s laws, and measures are being put in place to deal with companies which break the law.With reports coming in that some firms have not submitted details on how they intend to incorporate indigenous people into their entities in conforming with the countryâ€™s indigenisation law which stipulates that locals should have a 51% stake, Youth Development, Indigenisation and Empowerment Minister, Cde Savior Kasukuwere says such firms will have to adhere to the law or face the consequences of breaking it.
Commenting on the issue of indigenisation, Mines and Mining Development Minister, Cde Obert Mpofu, said the Zimbabwe has not benefited from its resources hence there is need to address the anomaly without further delay.
The indigenisation and economic empowerment policy is meant to empower indigenous Zimbabweans so that they can benefit from the countryâ€™s resources.
Meanwhile, government has identified 800 foreign owned companies that are yet to comply with provisions of the Indigenisation and Economic Empowerment regulations.
During the launch of the National Anti-Sanctions Petition Campaign on the 2nd of this month, Head of State and Government and Commander-in-Chief of the Zimbabwe Defence Forces, President Robert Mugabe, underscored the need to take control of foreign firms whose parent countries imposed illegal sanctions on the country.