Time up-one month to go for foreign investors to comply

Foreign investors operating in what have been classified as “reserved” sectors for local entrepreneurs have one month to comply with the country’s indigenisation laws and the government says it will ensure that they do so.

The reserved sectors are:

• agriculture (primary production of food and cash crops),
• transportation,
• retail and wholesale trade,
• barbershops, hairdressing and beauty salons,
• employment and estate agencies
• grain milling
• Bakeries
• tobacco grading and packaging
• tobacco processing
• advertising agencies
• milk processing
• provision of local arts and crafts
• marketing and distribution

The permanent secretary in the Ministry of Youth, Indigenisation and Economic Empowerment George Magosvongwe told a joint meeting of the Parliamentary Portfolio Committee on Youth, Indigenisation and Economic Empowerment and the Thematic Committee on Indigenisation and Empowerment yesterday that the deadline for foreign investors in these sectors to comply is 1 January 2014.

“You will realise.. that 1 January is a month to come and we are putting in place measures for enforcement in the event that they do not comply,” Magosvongwe said.

(41 VIEWS)