Govt finalising SEZs incentives: Dr Bimha

Govt finalising SEZs incentives: Dr Bimha
Published: 26 June 2018
THE Government is finalising the crafting of regulations and coming up with incentives tailor-made for businesses to operate under Special Economic Zones (SEZs), a Cabinet Minister has said.

Speaking in Bulawayo at the Zimbabwe Special Economic Zones Authority (ZimSeza) inaugural strategic planning and media briefing on Saturday, Industry, Commerce and Enterprise Development Minister Dr Mike Bimha said a number of initiatives were being undertaken towards implementing SEZs.

The SEZ Act was promulgated on 1 November 2016 and provides for the establishment of the board, which was constituted and commenced its work on 26 June 2017. Last month Government approved the appointment of the chief executive officer, Mr Edwin Kondo, after a rigorous selection process. Dr Bimha said the new chief executive has been entrusted with the role to competently lead the authority to drive economic growth in the country.

"The next fundamental stage is that of having the regulations, incentives and fees gazetted as a matter of urgency. My ministry is finalising these processes," said Dr Bimha.

"This workshop is an important milestone to us as the parent ministry as well as to the authority as it is going to provide the operational framework as well as the strategy in the development of Special Economic Zones. I acknowledge that this was long overdue, but you will agree with me that the delay was necessary to allow thorough consultations to be undertaken."

Dr Bimha said there was a need to expedite investment proposals as well as implementing them so as to facilitate economic growth. He said expectation was high from foreign investors to local investors, adding the generality of people were looking forward to be employed.

"I am happy that you chose to have this important inaugural workshop in Bulawayo, a city that Government has identified as an industrial hub for the country. We need to start processing investment proposals that were received and their implementation on the ground," said Dr Bimha.

Government has committed itself towards ensuring SEZs are expeditiously set up as it bids to revive the country's economy. As such, Dr Bimha said going forward it cannot be business as usual.

"We need to move with speed. You are also aware that all executives have been mentioning SEZs in most of their public speeches. That shows us that Special Economic Zones have been pinpointed by Government as the solution to stimulate economic activity, increase productivity and boost exports whose generated forex is expected to deal a great blow to the cash crisis," he said.

SEZs cover a broad range of economic activities, such as free trade zones, export-processing zones, industrial parks, economic and technology development zones, high-tech zones, science and innovation parks, free ports, enterprise zones, and others. Dr Bimha said the SEZs model was established with the aim of enhancing Foreign Direct Investment (FDI) and increase in export activities.

Countries like China, The Republic of Korea, Mauritius and Taiwan have embraced SEZs to create employment opportunities and alleviate large-scale unemployment. Dr Bimha said that President Mnangagwa was spearheading the setting up of the Zimbabwe Investment Development Authority (ZIDA).

"You may also want to know that His Excellency, Honourable Mnangagwa has set in motion processes for the development of the Zimbabwe Investment and Development Authority. These processes are now at an advanced stage. Needless to say, ZimSeza will be a key component of this institution mandated to improve the country's ease of doing business environment and spearhead economic growth," he said.


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