Govt okays opening of 4 special economic zones

Source: Govt okays opening of 4 special economic zones | Daily News

HARARE – Zimbabwe’s regulatory authorities have granted authority to open four special economic zones that offer investors greater incentives and fewer restrictions than available to date in the country, the Zimbabwe Special Economic Zones Authority (Sez) CEO Edwin Kondo has said.

The new economic zones will be in Bulawayo, Victoria Falls, Mutare and Beitbridge.

The Sez boss said the zones would be free from local regulations to make them competitive internationally.

“Four areas have so far been granted the special economic zones including Beitbridge that has been mandated with logistics and free trade, Victoria Falls specialising in tourism, Mutare concentrating in horticulture and Bulawayo focusing on the manufacturing sector,” Kondo said.

The economic zones will offer incentives for investors from free tariffs in selected items to lower personal income tax or reduced rent and fees.

Investors in the zones will benefit from special tax breaks and officials said they would not have to comply with indigenous economic empowerment laws that force foreign companies to sell majority shares to indigenous Zimbabweans.