BY SAMIE WAIKORI
Special Economic Zones (SEZs) will encourage economic development and address some of the pressing social issues the country is facing.
Parliament recently passed the SEZ Bill 2024 which is described as the hallmark of progress and geared towards transforming the economic landscape of the country.
Speaking on the recent debate of the bill, MP for Fataleka constituency and Minister for National Planning and Development Coordination, Rex Ramofafia highlighted that the operation of SEZ will create job opportunities, foster entrepreneurship and improve infrastructure – ensuring benefits of economic development are felt by all Solomon Islanders.
He stated that the initiative will help reduce rural-urban divide, urban drift and promote social harmony.
“One of the most pressing issues faced is youth unemployment. A report stated large percentage of our youth people are either underemployed or unemployed, leading to frustrations and lack of opportunity and hope.
“The act provides us with a powerful tool to address this challenge. The creation of jobs within these zones, ranging from manufacturing to administrative roles will offer our young people the chance to gain meaningful employment,” Ramofafia said.
He furthered the act also considers the importance of skill development and national government will partner with educational institution on targeted training programs.
This will ensure the country’s workforce is equipped with the skills needed to strive in a rapidly changing global economy.
Moreover, Ramofafia highlighted that the establishment of Special Economic Zones (SEZs) will have far-reaching impact on the country’s infrastructure.
“Roads, utilities, ports and digital connectivity are the backbone of any successful economy and the act provides a framework for making these vital investments.
“The government has also committed to investing in infrastructure under the Solomon Islands Infrastructure Programme (SIIP) and the establishment of SEZs will be a natural extension of this effort,” he said.
According to MP Ramofafia, with the right infrastructure in place, businesses will be able to operate more efficiently and the entire country will benefit from enhanced connectivity and improved services.
He highlighted that a key goal of the act is to attract investment for both domestic and international markets.
“And by offering attractive incentives, such as tax breaks, customs exemptions and simplified regulatory processes, we can create a business-friendly environment that encourages investment in areas that have long been neglected.
“This will not only create jobs and boost local businesses, but also increase our foreign exchange receipts and contribute to a more diversified and resilient economy,” he said.
For feedback, contact:[email protected]
