Cabinet has approved the Principles of the Science, Technology, Innovation Start-Up and Knowledge-Based Economy Promotion Bill, a forward-looking legislative framework designed to stimulate economic growth through innovation and entrepreneurship. Presented by the Minister of Higher and Tertiary Education, Innovation, Science and Technology Development, the proposed bill is poised to position Zimbabwe as a regional hub for technological advancement and industrialization.
The key objective of the Bill is to create an enabling environment for start-ups, with a focus on attracting investment and generating employment opportunities. By promoting science, technology, and innovation, the law aims to drive industrialization and foster a robust knowledge-based economy in Zimbabwe.
In addition to enhancing the role of science and technology institutions, the Bill will support start-ups through science and technology hubs, industrial parks, and innovation centers. Key provisions include tax incentives, rebates, and preferential procurement by the government, specifically designed to promote the growth of start-ups. Another critical feature of the Bill is the deliberate allocation of land by the government and local authorities for the establishment of innovation hubs and industrial parks.
Furthermore, the establishment of an Innovation Bank is proposed to offer financial support to start-ups and innovation-driven projects. This initiative is expected to catalyze industrial growth through the promotion of locally driven science and technology solutions, ultimately propelling Zimbabwe toward its goal of becoming a competitive, knowledge-based economy.
