Zimbabwe sets 13 Special Economic Zones

Published: 06 September 2018

ZIMBABWE has set up 13 Special Economic Zones (SEZs) across the country in a move aimed at stimulating production and create jobs.

SEZs are areas in which business and trade laws are different from the rest of the country. They are normally located within a country's national borders, and their aims include increased trade, higher investment, job creation and effective administration.

The Zimbabwe Special Economic Zones Authority (Zimseza), which was set up in a staggered process that was only wound up recently with the appointment of Edwin Kondo as chief executive after almost a year without a secretariat, gazetted the areas last week.

Kondo said areas specified as SEZs in Harare are Sunway City – an industrial park for Granite polishing, Tradekings – the premises of a detergent manufacturer, and Bernard Diamond & Jewelry centre which is a diamond processing plant.

In Bulawayo, the authority specified Belmont, Kelvin, Donnington and Imvumila Industrial areas, as SEZs.

In the Midlands Province, Mining and Iron and Steel manufacturing plant, Ripple Creek Estsate has been declared a SEZ.

Selous Farm, a mining and chrome manufacturing plant in the Mashonaland West Province is also now a SEZ.

Victoria Falls' solar energy and hydrokinetic energy plant, Elephant Camp Norton Business Park in Norton have also been declared as SEZs.

Agro-business and real estate area, Ecosoft in the Mashonaland East Province, and Agro-Processing Unit, Eskbank Farm in the Mashonaland Central Province, are the other SEZs.

The batch of 13 mostly comprises areas which were recommended by government, which had earlier expressed its interests for SEZ status to be given to Sunway City, Victoria Falls, Bulawayo, Mutare and Norton.

Zimseza is expected to announce more areas intended to function as zones of rapid economic growth by using tax and business incentives to attract foreign investment and technology in the coming weeks and months.

"We have a waiting list in excess of 50, but some have the full information requirements, while others do not. So, we are liaising with the investors to get the paperwork in order, we intend to consider these in the next coming weeks and months," Kondo said in a statement to The Financial Gazette a few weeks ago.

Earlier this year, government gazetted fiscal incentives with respect to SEZs through the Finance Act of 2017. The fiscal incentives included tax rebates and duty exemptions.

Zimseza says it has received interest from all over the world including from Europe, USA, India, South Korea, Canada and Australia.

The Zimseza board is chaired by former Reserve Bank of Zimbabwe governor Gideon Gono.
- fingaz

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