South Africa Plans Special Economic Zones

12 years, 3 months ago - January 17, 2012

The South Africa plans to strengthen its industrialization, its regional development and job creation with a program of special economic zones, said Minister of Trade and Industry Rob Davies.

Bill on Special Economic Zones of the country (SEZ) aims to improve the concept of Industrial Development Zones (IDZ), launched in 2000, said Mr Davies quoted by South African Press Association (SAPA).

ZDI program in South Africa led to the creation of four zones, said Davies. Two of them are located in the South African province of Eastern Cape: Coega, near Port Elizabeth and East London. Another is Richard's Bay in the province of KwaZulu-Natal, while the fourth, located at the OR Tambo International Airport in Johannesburg, is not yet operational.

In 2007, a review has highlighted a number of problems with IDZ. The SEZ Act aims to remedy these problems. Mr Davies explained that the SEZ policy would designate different types of economic zones. While IDZ are export oriented and are therefore close to ports and airports, SEZs may not be export-oriented and can be based anywhere in South Africa. This allows more SEZs wide range of activities, such as areas of science and technology, said Davies.

The bill proposes the creation of a fund for the SEZs to finance feasibility studies and provide incentives. Mr Davies said that the program of Special Economic Zones (SEZ) was one of the most important tools that can be used to support the strategic objectives of the South African government in industrialization, regional development and creation of jobs.

Text by lexpress.mu

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