'Zim needs to create Special Economic Zones'

'Zim needs to create Special Economic Zones'
COMESA secretary general Dr Sindiso Ngwenya
Published: 28 October 2013
Zimbabwe should create special economic zones for the country to attract meaningful foreign direct investment, an expert has said.

Investors continue to adopt a wait and see attitude on Zimbabwe resulting in the country failing to raise capital while battling a liquidity crunch.

The proposed SEZs come in different forms such as free trade zones, export processing zones and free zones targeted at attracting huge investments.

They are governed by different laws from those applicable to the rest of the economy making them investor friendly. China is one of the countries that have successfully created special economic zones for the benefit of its economy.

Common Market for East and Southern Africa secretary general Dr Sindiso Ngwenya said it was imperative that government promulgates laws allowing the establishment of SEZs.

"There has been no investment in value addition (in the Zimbabwean economy) and this is why I recommend that Zimbabwe puts in place legislation for special economic zones," Mr Ngwenya said at a recent exporters' conference.

Already Government officials have hinted at possibilities of creating special economic zones in Bulawayo and Victoria Falls as part of measures to attract elusive FDI.

Zimbabwe's Investment Act, which is due to be amended, does not allow for SEZs.

Mr Ngwenya said there were serious investors who had funds set aside for investing in special economic zones.

- New Ziana
Tags: Comesa,


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