Times Of Swaziland: SEZ ACT AMENDMENTS ONGOING

SEZ ACT AMENDMENTS ONGOING
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Nhlanganiso Mkhonta on 10/11/2024 08:49:00


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.