The government is to raid foreign-owned businesses operating in sectors reserved for locals to make sure they comply with the law, the head of the National Indigenisation and Economic Empowerment Board said today. The companies were supposed to comply with the law which set aside 14 sectors for locals with effect from the beginning of this year. There have been conflicting reports about compliance with some reports saying the government had relaxed the law insisting that only new entrants should comply. President Robert Mugabe won last year’s elections on the back of indigenisation and consolidating land reform. NIEEB boss Wilson Gwatiringa said 578 foreign-owned businesses had so far received clearance certificates. The board received 1 311 applications.
(17 VIEWS)
Ten African countries are amongst the biggest debtors to China, but Zimbabwe is not among…
The Reserve Bank of Zimbabwe’s Monetary Policy Committee, which met on Friday last week, says…
Zimbabwe’s new currency further weakened to 13.4407 to the United States dollar today down from…
The United States lost its place as the most influential global power in Africa last…
The Reserve Bank of Zimbabwe governor John Mushayavanhu says street money changers who cash in…
The Zimbabwe International Trade Fair (ZITF) has announced an ambitious long-term plan to turn the…