SEZAstartsworkonEconomicZones

THE Special Economic Zones Authority (SEZA) board has started the process of designating Special Economic Zones (SEZ) as it forges ahead to stimulate investment flow into the country’s strategic economic sectors.

Macro-Economic Planning and Investment Promotion Minister Dr Obert Mpofu said the identification of areas to be designated as SEZs was underway.

“The process of designation has started with Bulawayo, Victoria Falls and Harare. The SEZs board is currently seized with the programme of designation — they are currently identifying the CEO (chief executive officer).

“We believe the process has been very good and when that process has been done thereafter they will have a Special Economic Zones Authority, which is the secretariat and administration of the SEZs,” he said.

SEZs are still to be implemented despite the Act being gazetted into law last year and the recent gazetting of Statutory Instrument (SI) 59 of 2017. SI 59 of 2017 was gazetted in May and allows rebates on raw materials, intermediate products and machinery imported for use in SEZs.

Dr Mpofu said there has been overwhelming interest and inquiries from local and foreign investors intending to participate on SEZs.

“We are well on course and we are very excited with the response that we have received so far from investors as well as the industry and commerce here in Zimbabwe . . . everyone is assisting with all sort of support, materially or otherwise to get the SEZs running,” he said.

Countries such as neighbouring Mozambique and South Africa are in the process of setting up SEZs and have over the years beaten Zimbabwe in attracting Foreign Direct Investment. SEZs allow investors to operate under “special” conditions that are different from the rest of the economy and allow investors more privileges.

Dr Mpofu said the “Invest in Zimbabwe Handbook 2017” which was launched early this year and provides information to guide potential investors was expected to play a pivotal part in reviving and growing various economic sectors.

It is also hoped that the Investment Handbook, which comprises seven sections detailing investment and policy measures such as SEZs, would simplify the task of explaining to investors the opportunities available in the country.

“The Investment Handbook is a guideline, the road map we want to take and follow in our development of the economy and it will include a lot of other incentives which will encourage this development. Those who would want to help in the development of the country, in fact all sectors of the economy, especially the business community will have to be aligned to the process that we would have taken as a country,” said Dr Mpofu.

He said his ministry was working hand in hand with the Ministry of Finance and Economic Development towards ensuring economic growth.

“Our role is to focus on planning for the economy and the ministry uses that plan to develop, support or resource the plan. We are dealing with planning as well as investment but we are just assisting the Ministry of Finance on which area they should focus their funding on,” Dr Mpofu said.