President Emmerson Mnangagwa State of the Nation Address- 22 October 2020

To buttress the economic gains made to date, and enhance our attractiveness as a preferred investment destination as well as the ease of doing business in our country; the following legislation will be attended to;

• The Sugar Industry Act will amend the Sugar Industry Production Control Act [Chapter 18:19];
• The Economic Empowerment Act is set to replace the Indigenisation and Economic Empowerment Act [Chapter 14:33] which will be repealed.
• The Competition Act will be amended to align it with regional and international agreements, particularly the African Continental Free Trade Area Agreement.
• Given the role of Small to Medium size enterprises and the informal sector, the Savings and Credit Co-operative Societies Act [Chapter 23:05] will be amended.

It is pleasing to note the immense progress made in the Mining Sector towards the realization of a US$12 billion mining sector by 2023. Concerted and collaborative efforts must be urgently pursued to conclude the amendments to the Mines and Minerals Act. This will in turn usher in the necessary processes for the amendment of the Precious Stones, and Gold Trade Acts.

Meanwhile, the Minamata Convention which will end the use of mercury in mining activities will be tabled for ratification.

New and less harmful alternative technologies should be speedily adopted to ensure sustainable mining in our country.

To support the achievement of the US$5 billion tourism sector, by 2030; the Zimbabwe Tourism Act and the Parks and Wildlife Act will be tabled for consideration. The amendments will encourage tourism investment and embed community based wildlife management.

The unmitigated spike in cases of vandalism of power infrastructure is bleeding the economy and disrupting productivity and key services to our economic sectors.  The Electricity Act will be amended to increase the mandatory sentences for the perpetrators while the Copper Control Act (Chapter 14:06) will also be amended to curb illegal possession and trade of copper products.

Continued next page

(1481 VIEWS)