22 January 2018
   
Kasukuwere begs ED for forgiveness: official
Chinamasa to divert wages to devolution
Dump Mugabe regalia, Zanu PF official
Mugabe exploited my illiteracy: Mujuru
Engineers group to expose fake degrees
Grandpa, 83, says minor pestered him for sex
Poet poses as Zimra officer, blows $35k
Chocked as 2kg's of cocaine tested in court
MORE NEWS
Gemmology center in Mutare soon
NRZ loss as gold miners damage rail line
MORE BUSINESS
Unpaid Mr ugly reports sponsors to ZRP
Zim author releases new book in USA
MORE SHOWBIZ
Anger as Dembare approach City player
Cricket: ICC clears Zimbabwe's Vitori
MORE SPORTS
Mnangagwa’s ‘New’ Zim merits support
Zhuwao: kleptocracy and EDiots in Davos
MORE OPINION
 
Mnangagwa off to Davos empty handed
Economy: the need for a paradigm shift
MORE COLUMNISTS
 
 
Special economic zones could boost Zim economy – Zeparu
06/02/2016 00:00:00
by The Source
 
 
RELATED STORIES
Min revises economic groth upwards
IMF: Zim progress undone, back in crisis
IMF $900m for Zim: ‘Bailing out bandits’
Chinamasa, Mangudya eye $900m loan deal
We don’t have a penny, Minister tells Paris
Govt has no money: Fin Min Chinamasa
US$7bn kept away from banks, economist
Fin min vows to cut wage bill to 52pct
Mugabe makes U-turn tries to woo IMF
Property hit as economy falters
Govt gets tough on foreign firms
Rentals collapse as economy woe persists
Why Zim is in the grip of deflation
Govt slaps VAT on 40 imported basic foods
RBZ: $1,8 billion externalised in 2015
World Bank: 2016 tough one for the poor
Zim trade deficit widens to $3bn

HARARE: Special economic zones (SEZs) could boost Zimbabwe’s sluggish economic growth by increasing foreign investment but need to be developed diligently, a leading local think tank has said.

Zimbabwe has touted SEZs as a key pillar in attracting scarce foreign direct investment and creating employment in an economy where independent analysts estimate that between 80 percent and 95 percent  of the adult population has no formal jobs.

The government has already approved the SEZ Bill, prioritising agriculture, tourism, mining, services and manufacturing sectors.

Victoria Falls, Harare’s Sunway City, Bulawayo, Mutare and Lupane have been earmarked for the SEZ development.

“A key lesson drawn from international experience is that SEZs are, not a panacea, to solving all economic challenges. Instead, they catalyse deeper economic reforms and become a major engine for national development through backward and forward linkages with the rest of the domestic economy,” said Zeparu in its latest economic barometer released on Thursday.

It said Zimbabwe should, among others, develop a sound legal and regulatory framework and effective institutions which are critical and need to be autonomous and be adequately funded.

The integration of the zone master plans into regional urban development plans would also enhance economic and social benefits, it added.

“In this regard, they need to be complemented by the implementation of other policy initiatives and strategies outlined in the country’s development programme Zimasset.

In the Zimbabwean context, initiatives to reduce the debt burden, expanding and modernising infrastructure; improvement in public service delivery; conducive doing business environment and improvements in productivity will all facilitate the success of the proposed SEZs,” said Zeparu.

“Furthermore, deeper research and dialogue is still required to inform policy decisions and implementation strategies to ensure SEZs have a transformational impact in Zimbabwe.”

Zimbabwe has previously set up Economic Processing Zones (EPZs), from 1996 to 2006, which were mainly export oriented and required to export at least 80 percent of their production.

The EPZ programme resulted in 205 companies being established, generating an estimated $172 million worth of investment and creating 32,512 jobs and a cumulative $1,15 billion in export earnings.



Advertisement

Some of the companies are still in operation despite the collapse of the scheme when government merged the Export Processing Zone authority and the Zimbabwe Investment Centre to form the Zimbabwe Investment Authority (ZIA).

The success of the EPZs, however limited, means the setting up of a one-stop investment shop and strong government buy-in enhance establishment and performance of SEZs, Zeparu said.


 
Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it

Del.icio.us

Reddit

Newsvine

Nowpublic

Stumbleupon

Face Book

Myspace

Fark

 
 
 
comments powered by Disqus
 
RSS NewsTicker