Mininster Davies unveils regulations on governance of special economic zones
JOHANNESBURG - South Africa's trade and industry minister Rob Davies is inviting public comment on draft regulations on the governance and composition of special economic zones (SEZs), his department said on Wednesday.
The South African government implemented a new SEZ policy after identifying weaknesses in its Industrial Development Zones (IDZ) programme whose main aim was to attract foreign direct investment and promote the export of value-added commodities.
The SEZ Act commenced by presidential proclamation in February 2016 and introduced a new regulatory framework for the planning, design, development, management and operation of special economic zones. The new regulatory framework replaces the old framework for IDZs.
The trade department said the difference in the governance and institutional framework required in the new SEZ Act from the old IDZ regulatory framework was "very significant" and most IDZ operators would require time to comply.
- African News Agency (ANA)