Special Economic Zone
Special Economic Zones (SEZ)s are geographically designated areas of the country which are set aside for specifically targeted economic activities to promote national economic growth by using support measures to attract both foreign and domestic investments.[1] Business activity in the designated areas is subject to different rules from those prevailing in the rest of the economy. Those rules can pertain to investment conditions, trade, customs and taxes, among others.[1] SEZs can have different forms of ownership. In publicly owned and operated zones, the government takes on the role of developer, operator and regulator of the zones, whereas, in privately-owned zones, companies develop, manage and operate the zones under the government's regulatory oversight.[1]
Special Economic Zones Locations
Special Economic Zones attract foreign capital, bring in new technologies and increase production, leading to a quick industrialisation of the economy. The areas which have been designated Special Economic Zones in Zimbabwe include
- Sunway City in Harare
- Victoria Falls
- Bulawayo
- Mutare
- Lupane [2]
Special Economic Zones Board
In June 2017, Gideon Gono was appointed the chair of the Special Economic Zones Board by Obert Mpofu, the Minister of Macro-Economic Planning and Investment Promotion. [2] The Board was given the responsibility for the development of the Special Economic Zones. The other board members are
- Sithandile Ngwenya
- Busisa Moyo
- Godfrey Chanakira
- Ozias Machaya Hove
- Erasmus Gapara
- Constance Zhanje
- Edwin Zvandasara
- Christopher Dube
- Marry Chiwenga
- Thando Madzvamuse.
Special Economic Zones Bill
In November 2016, President Robert Mugabe signed into law the Special Economic Zones Bill, after he had previously rejected it and referred it back to Parliament in September with some reservations. However, after amendments were made to the bill, it sailed through parliament and the president signed it into law.[3]
References
- ↑ 1.0 1.1 1.2 Jealous Chishamba. "Zimbabwe: Caveat On Special Economic Zones". Zimbabwe Independent. Alpha Media Holdings. Retrieved June 30, 2017.
- ↑ 2.0 2.1 "Former central bank governor Gono to chair SEZ board". The Source. June 26, 2017. Retrieved June 30, 2017.
- ↑ Felex Share (November 1, 2016). "President signs Special Economic Zones Bil". The Source. Retrieved June 30, 2017.
