The government has gazetted regulations for designing Special Economic Zones in Zimbabwe in a bid to revive exports, increase foreign direct investments, create new jobs and facilitate overall economic development.
The regulations which are in the Statutory Instrument 154 of 2018 released last Friday include provisions such as granting a permit to an operator, declaration of the special economic zones, investors licence fee structures, operational systems, administrative structures, developer permits, among others.
Zimbabwe Special Economic Zones Authority Chief Executive Officer Mr Edwin Kondo told the ZBC News that the gazetting of the regulations mean they are now being established in several parts of the country.
“Indeed it is true that the zones laws have been gazetted and we are happy about the latest developments which will go a long way in the recovery of our economy in the short to long term,” said Mr Kondo.
According to the authority, a special economic zone refers to a geographically specified and physically secured area administered under a distinct authority, offering certain incentives for business to physically locate and operate.
In terms of the statutory instrument, the fee for developers permit shall be US$3 000 per year, operators licence US$3000 per annum and investors licence shall be US$1000 per year.