THE development of Special Economic Zones and Economic Growth Centers aimed at spreading economic activities around the country remains a top policy priority for the National Government.
This policy priority promotes and supports industrial development in the country to attract investors and enhance exports and trade.
This will include investing in appropriate technology, provision of incentives, and streamlining of regulations critical to ensure industrial development is achieved. At the center of this initiative is the attraction of foreign investments, creating job opportunities, and increasing exports.
To drive this ambitious policy goal, the Cabinet has approved the Special Economic Zone (SEZ) Bill which is expected to be tabled in Parliament later in the year.
Speaking in Parliament on Tuesday 11th September, the Minister for Commerce, Industries, Labour, and Immigration Hon. Harry Kuma said the SEZ when developed will offer tax-free packages to new investors wishing to engage in processing and manufacturing primarily for export.
“I am personally excited about the special economic zone because the incentive package, services, and infrastructure support that will be provided will transform the flow of FDI into the country,” Hon. Kuma said.
Kuma explained that SEZs will serve as catalysts for economic growth by creating hubs of industrial activity where businesses can operate under more favorable conditions, leading to higher productivity and output.
Furthermore, SEZs will focus on export-oriented industries. Intentionally significantly boosting the country’s exports, improving trade balance, and increasing foreign exchange reserves, while at the same time by developing SEZs in underdeveloped regions, the government can stimulate local economies, reduce regional disparities, and promote balanced national development.
