ZIA finalising special economic zone guidelines

ZIA finalising special economic zone guidelines
Published: 11 February 2014
The Zimbabwe Investment Authority (ZIA) is finalising the guidelines for establishment of special economic zones as Government moves towards attracting foreign direct investment, an official has said.

The zones, which come in different forms such as free trade zones, export processing zones and free zones are governed by different laws from those applicable to the rest of the economy, making them investor friendly.

A senior official in the Ministry of Finance and Economic Development Jonah Mushayi told the New Ziana that Government had since dispatched a team to Uganda to learn more about the SEZs. Uganda is one of the many countries across the world that have successfully established Special Economic Zones.

"The guidelines are due to be released by the Zimbabwe Investment Authority anytime from this month," he said.

"Special Economic Zones are also a winner to stimulate domestic and foreign investment in the country."

Mushayi said Government was due to meet stakeholders for input on special economic zones on February 20.

SEZs among a host of other possible options are listed among those that have the ability to inject life into the moribund economy. Lack of fresh capital has hit hard on the economy resulting in struggling industries, low consumption which is fueling deflation.

Regional organisations such as the Common Market for Eastern and Southern Africa have said that countries that have created SEZs will benefit from a number of funds from investors across the world. Chinese investors for example, have set aside over $36 billion to invest in special economic zones in Africa.

- New Ziana
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