|Govt to launch ownership trust in Gwanda|
|Thursday, 17 May 2012 11:57|
Government says the launch of the Gwanda Community Share Ownership Trust and Employee Share Ownership Scheme this Friday under the indigenisation programme is a clear demonstration that there is commitment in ensuring that Zimbabweans have control over their natural resources.
Youth Development, Indigenisation and Empowerment Minister, Saviour Kasukuwere says in Gwanda, over five entities are expected to cede shareholding to the communities and employees.
He hailed the development, saying it will address the existing anomaly that the province is poor, yet it is rich in resources.
â€œWe are going to have mega launch of community share ownership trusts in Matabeleland South and this is a major milestone as communities in the area are set to benefit.
â€œWe had a situation whereby the area was generally underdeveloped yet many foreign companies were enjoying the natural resources,â€ said Cde Kasukuwere.
The trust is the fourth to be launched since government gazetted the regulations stipulating that locals should have majority shareholding in all foreign owned companies operating in the country.
In October last year, Zimplats launched the Mhondoro-Ngezi-Zvimba Community Share Ownership Trust, while Unki launched the Tongogara Community Share Ownership Trust in November.
In February this year, the Mimosa Community Share Ownership Trust in Zvishavane was launched.
The Community Share Ownership Trusts to be launched this Friday will also include foreign entities in the manufacturing sector.