The development of Special Economic Zones (SEZs) and Economic Growth Centers remains a key policy priority for the National Government, aimed at diversifying and expanding economic activities across the country.
This strategic initiative supports the industrial development needed to attract investors and boost exports, driving sustainable economic growth.
Central to this policy is the government's commitment to fostering a business-friendly environment through investment in modern technology, offering attractive incentives, and streamlining regulations critical for industrial growth. These efforts will focus on attracting foreign investment, generating job opportunities, and increasing export capacity, all vital to the country's long-term economic development.
To advance this policy, the Cabinet has recently approved the Special Economic Zone (SEZ) Bill, which is set to be presented to Parliament later this year.
The bill lays the foundation for establishing SEZs that will offer a range of benefits to investors, including tax-free incentives and other supportive infrastructure, particularly for businesses involved in processing and manufacturing for export.
Speaking in Parliament on Tuesday, September 11th, the Minister for Commerce, Industries, Labour, and Immigration, Hon. Harry Kuma, expressed his enthusiasm for the initiative.
"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 foreign direct investment (FDI) into the country," Hon. Kuma stated.
He emphasized that SEZs will act as catalysts for economic growth by creating hubs of industrial activity where businesses can operate under more favorable conditions, leading to increased productivity and output.
The SEZs will primarily focus on export-oriented industries, which are expected to significantly boost the country’s exports, improve the trade balance, and increase foreign exchange reserves. Furthermore, by developing SEZs in less-developed regions, the government aims to stimulate local economies, reduce regional inequalities, and promote balanced national development.
This bold initiative positions SEZs as a cornerstone of the country’s economic future, creating opportunities for industries to flourish and contribute to broader economic prosperity.