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.