SEZ committee set up

GOVERNMENT has set up a committee to facilitate research on the proposed establishment of Special Economic Zones, an official has said.Setting up of SEZs, which are specialised areas governed by different laws from the rest of the economy, is expected to boost investment in value addition and beneficiation of raw materials.

The City of Bulawayo, formerly the country’s industrial hub, has been identified as the top area to get the status. Deputy Minister of Finance and Economic Development, Dr Samuel Undenge said the committee, will after New Year undertake intensive consultations with stakeholders.

Dr Undenge, who chairs the committee, said it was imperative that the Special Economic Zones be set up as soon as possible to stimulate investment in the economy.

“We can no longer be comfortable with the standstill position where we are exporters of raw materials and importers of processed goods,” he said.

“Beginning next year we will be consulting stakeholders on the direction we are heading.”
Establishment of processing and value addition plants was necessary to boost earnings from exports, he said.

SEZs have been identified as one of the quickest ways in which Government can attract meaningful investment into the economy.
Foreign direct investment levels in the country have significantly slowed down due to a number of factors among them sanctions imposed on the country by the West.

Government has said it will target areas with the potential to increase exports and create employment as special economic zones.
Finance and Economic Development Minister Patrick Chinamasa recently said Government would draw experiences from countries like China, India, South Korea among others which have successfully set up SEZs. — New Ziana.