With the recent passage of the Special Economic Zones (SEZ) Bill 2024 in Parliament, Government will soon set up a body to help manage and implement the rollout of the program.

Prime Minister (PM) Jeremiah Manele highlighted this on Monday during a press conference at the Office of the Prime Minister and Cabinet (OPMC).

He said, with the passage of the Bill, it will allow the government to establish a ‘Special Economic Zones Authority’ (SEZA).

“This authority will be tasked with the oversight and coordination role which will also involve developing the necessary regulations  to ensure transparency, accountability and investor confidence.”

He also took the opportunity to thank all Members of Parliament (MP) for supporting the Bill, Attorney General Chamber, Ministry of Commerce & Trade and the Bills and Legislation Committee.

He said, this SEZ Bill provides a solution and strategic step to create a framework that establishes legislation where businesses may operate in targeted areas that lack econonmic growth.

“The objective is to encourage investment, create employment, stimulate economic activities in regions which lack structural growth.”

He pointed out that this initiative is to lay the ground work for development in long term where domestic and international investors may benefit from these investment.

He added, landowners and resources will also benefit from this SEZ scheme through job creation and revenue earning once its implemented.

PM will be leading a delegation for a series of overseas engagements later this week.