The promulgation of SI (Statutory Instrument) 59 of 2017 should be welcomed by all entrepreneurs. The new law on Special Economic Zones (SEZs) primarily targets foreign investors so that they can set up businesses in Zimbabwe in designated areas. The designated areas would enjoy special preferences in terms of issues such as taxation, import and exports.
A pessimistic view would result in someone thinking that locals would not benefit at all. This is far from the truth, locals are bound to benefit If you strategically place yourself to tap into various opportunities that are going to arise.
A look at similar SEZ projects shows that in Jamaica industries such as the following were set up:
Logistics and Warehousing-product distribution, third party logistics and container breaking
Non Food Manufacturing and Assembling-packaging and labelling, pharmaceuticals, automotive assembly, electronics and medical devices
Food Processing-shared co-packing facilities, research and development
Repair and Refurbishment-used automobiles, appliance warranty centres
Information and Communication Technology-call centre and back office services
Education-universities and college training centres
We do not have information on the specific industries that will be covered by the SEZs but we believe that the above industries will be covered in great detail. The opportunities that are presented by this initiative involves partnering with foreign investors on various projects. There will also be an opportunity for knowledge transfer which will come from this initiative. The forum hopes that the Diaspora community will be included too and benefit from favourable policies in these centres. The Diaspora community is already bringing in twice the amount invested by foreign nationals in the country.
So look at this initiative as a window of opportunity to be grabbed, do follow developments in this sector and strategically position your self for emerging opportunities.
