PM: Special Economic Zones should be free from corruption, terrorism
PERSONS DOING business in the zone will be required to meet all the good-governance requirements to ensure that their businesses are in line with Jamaica’s obligations for anti-corruption, the prime minister stated.
“We will have to ensure our financial sector is solid and the zones cannot be penetrated for terrorism or used for other nefarious activities,” he said.
A special economic zone is an area in which business and trade laws are different from the rest of the country. SEZs, as they are called, are usually located within a country’s national borders and their aims include increased trade, increased investment, job creation, and effective administration.
In an effort to encourage businesses to set up in the zone, financial policies are introduced. These policies are usually in relation to taxation, trading, quotas, Customs, and labour regulations. The creation of special economic zones is also motivated by the desire to attract foreign direct investment and to give companies the opportunity to produce and trade goods at a lower price aimed at being globally competitive.
AREAS AROUND ZONES TO BE DEVELOPED
The prime minister further added that the zones would represent a significant enhancement to the country’s industrial infrastructure, noting that as part of the integrated development strategy, areas around the zones would be developed for other uses such as commercial, residential, and recreational.”
His announcement comes on the heels of his admission of a first quarter that was not as bright as projected.
“We would have wanted it to look good. I expect that future quarters will look better because people are making the investments now,” he stated with conviction.