SEZs governance, regulations out for public comment

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The Special Economic Zones Act empowers the Minister of Trade and Industry to make regulations regarding the governance principles that must be complied with by all Special Economic Zones (SEZs).

These relate to the constitution of the SEZ Boards, term of office of Board members, codes of conduct, and disclosure of interest by Board members.

In a statement on Thursday, Minister Davies said government has realised the impact of SEZs in driving industrial and economic growth.

“As a result, it has identified SEZs as a mechanism that will contribute towards the realisation of the country’s economic growth and development goals and is committed to support and facilitate the designation, regulation and development of SEZs in SA.

“An SEZ is also an economic development tool to promote national economic growth and export by using support measures in order to attract targeted foreign and domestic investments and technology,” said Minister Davies.

With the release of the Governance and Management Regulations, the public has until 14 August 2017 to submit their comments to the Regulations.

Government’s purpose of establishing SEZs includes facilitating the creation of an industrial complex, for targeted investments and industries in the manufacturing sector and tradable services, attracting foreign and domestic direct investment and creating decent work and other economic and social benefits in the regions they are located in.

The Regulations can be accessed on: www.thedti.gov.za/gazzettes/40976.pdf.