Cabinet considered and adopted the Principles of the Science, Technology, Innovation Start-Up and Knowledge-based Economy Promotion Bill, which were presented by the Minister of Higher and Tertiary Education, Innovation, Science and Technology Development.
The proposed principles seek to foster innovation, stimulate entrepreneurship, and propel economic growth by creating favourable conditions for start-ups. The proposed law will attract investment, generate employment opportunities, and establish Zimbabwe as a hub for innovation and technological advancement.
The Bill will provide for deliberate industrialization of Zimbabwe through the promotion of science, technology, innovation and start-ups; promotion robust knowledge-based economy in Zimbabwe; and facilitation of Science and Technology Agencies and institutions of higher and tertiary learning’s work in implementing science and technology projects for start-ups in the innovation hubs, Science and Technology parks and industrial parks.
The Bill will also provide for the promotion of endogenous science, technology and innovation driven industrial growth by start-ups through well-designed tax incentives, rebates and preferential procurement by government. Furthermore, the Bill will provide for deliberate land allocation by government and local authorities for innovation hubs and industrial parks as part of master plans; and establishment of the Innovation Bank for the promotion of innovation and start-ups.
