|Indigenisation yields results|
|Friday, 29 June 2012 14:55|
At least US$1 billion has been localised under the indigenisation and economic empowerment programme through ceding shareholding to employees and communities, government has said.
Under the Indigenisation and Economic Empowerment Act, government seeks to empower communities and employees through the setting up of share trusts among other initiatives.
Foreign-owned firms have been ceding 10% shareholding to communities which are anticipated to transform infrastructure in various communities, while employees are also benefitting.
In an interview in the capital, the Minister of Youth Development, Indigenisation and Empowerment, Cde Saviour Kasukuwere said at least US$1 billion worth of shareholding has been transferred by foreign-owned firms to local communities which signals the fruits of the empowerment drive.
“So far we have managed to localise US$1 billion in form of shareholding among communities and employees which is critical towards ensuring development in various areas, while at the same time empowering our citizens,” he said.
Despite the country having attained independence in 1980, indigenous people have remained marginalised while foreign companies were repatriating wealth to their countries.
This prompted government to craft the Indigenisation and Empowerment Act.
Since the coming on board of the law, various community trusts and employee ownership schemes have been launched with more expected next month.