MIT to consult on Special Economic Zone regulations

The Ministry of Industrialisation and Trade says it will soon start consultations on the drafting of Special Economic Zone (SEZ) regulations and laws after the policy formulation was done last year. 

"We are working on SEZ regulations and the law itself, thus we will conduct consultation which will be done concurrently, with the view of tabling the Bill before the end of this year," Industrialisation and Trade Minister Lucia Iipumbu said. 

With the proposed SEZ, Lucia said the Ministry will look at investments by measuring an area's market competitive advantage.

"Depending on your market competitiveness, for instance, an area is booming in agriculture or mining, we shall zone that village, settlement or town in an effort to optimise and build more investment. This, however, will not limit entrepreneurs to participate in any given zone," she added. 

This National Policy on SEZ aims to reform the current Export Processing Zone (EPZ) and manufacturer’s incentive regimes into a new Special Economic Zone framework.

The National Policy on SEZ therefore promotes and develops a comprehensive regime for SEZ, in order to attract both domestic and foreign investment. 

This is in addition to the diversification of Namibia’s productive and export structure whilst deepening both backward and forward linkages with the rest of the economy, states the Ministry's draft 2021-2026 National Policy on Sustainable Special Economic Zone.

"Furthermore, it aims at elevating the production of high value-added goods, services and high technology whilst encouraging the attainment of internationally accepted standards of quality. SEZ will also propel Namibia’s integration into the regional, continental and global value chains with the stated aim to optimise on expanding market opportunities.”

The policy is further working towards advancing the beneficiation of the country’s mineral resources and developing excellent infrastructure to support the targeted industries in each region.

The SEZ Policy will further promote free-trade zones that are fenced-in, duty-free areas, and offer warehousing, storage, and distribution facilities for trade, trans-shipment, and re-export operations. 

 

 

 

 

 

Rate this item
(0 votes)
Last modified on Thursday, 31 August 2023 19:01

Related items

  • Namport eyes Q3 2024 to start Lüderitz port expansion

    The Namibian Ports Authority (Namport) is targeting to start port expansion at Lüderitz next year to facilitate the implementation of the country's impending oil and gas developments. 

  • NamRA eyes oil, gas and renewable sector taxes

    The Namibia Revenue Agency (NamRA) is structuring an independent auditing department that will only focus on the oil, gas and renewable sectors to curb tax evasion and maximise revenue collection in these sectors, an official has revealed.

  • EIF to conduct N$5m green hydrogen feasibility study

    The Environmental Investment Fund of Namibia (EIF), through the Green Resilient Recovery Rapid Readiness Support in Namibia, will spend N$5 million on a green hydrogen feasibility study.

  • FNB extends N$83m to entrepreneurs

    First National Bank of Namibia, in partnership with the Namibia Special Risk Insurance Association (NASRIA), has extended N$83 million to address credit limitations issues faced by aspiring entrepreneurs. 

Joomla! Debug Console

Session

Profile Information

Memory Usage

Database Queries