BY NED GAGAHE

Governor of the Central Bank of Solomon Islands (CBSI), has raised concerns about the potential implications of the Special Economic Zone (SEZ) Bill 2024.

Speaking during the Bills and Legislation Committee (BLC) hearing in Parliament, Dr Luke Forau highlighted an issue with the proposed legislation, which addresses the zone permit required to operate within the SEZ.

The Governor questioned why the zone permit would be treated separately from an operator’s licence, suggesting that if a company or individual already holds an operating licence, there should be no distinction in acquiring the zone permit.

He expressed concerns that the current structure of the SEZ Bill could allow for exploitation, with opportunistic individuals potentially acquiring permits simply to sell them to operators for profit, rather than using the permit to establish genuine operations.

Forau warned that this could result in a situation where individuals profit from obtaining permits without contributing to the economic activities of the SEZ.

He emphasised the need for clarification on the matter to prevent such practices and ensure that the zone permits are used as intended, to facilitate legitimate business operations within the Special Economic Zones.

The CBSI Governor said further discussions is needed on the structure of the SEZ Bill to ensure that it meets its intended goals of fostering economic growth and development in the Solomon Islands.

Forau urged the BLC to address these concerns to ensure that the SEZ framework serves the best interests of the country’s economy and its people.

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