SEZ ACT AMENDMENTS ONGOING

MBABANE -  Government hopes to attract more investors in the upcoming years, as it has already started the amendment of the Special Economic Zones (SEZ) Act. 

A diagnostic process had been carried out by the Export Processing Zones Authority (EPZA) from the Republic of China (Taiwan) who, through an intergovernmental cooperation arrangement agreed to assist Eswatini reform the SEZ legislation. In March, the International Integrated Systems, Inc (IISI), a consultant from Taiwan, presented a report detailing the gaps that the country needs to address in order to attract investors. 

The review of the Act follows the call by His Majesty King Mswati III when he challenged government to do the same.  IISI Director International Division Jerry Wang, said special economic zones remain a key catalyst to stimulate economic development. He said, while other countries have different objectives of having established these economic zones, empirical evidence shows that they are a cornerstone for economic development.

Success

Wang said in order for the special economic zones phenomenon to be a success in the Kingdom of Eswatini, government should review the Special Economic Zones Act of 2018.
 He said this will ensure that it is in line with global requirements.  Furthermore, government should fast-track the issue of providing the outstanding infrastructure requirements, such as the completion of the one-stop shop service centre to host the relevant service provider. He presented that, indeed the SEZ Act needs significant amendments to increase legal transparency and strengthen the organisation and functions of the SEZ Committee.

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