Authority urged to deal with foreign investors with care


DUE diligence will be followed to issue special economic zone (SEZ) licences to foreign investors, says Finance secretary Dr Ken Ngangan.
During the swearing-in ceremony of the special economic zone authority board members yesterday, he said foreign investors should have the technical and financial capabilities to qualify for a licence.
He reminded the new board members to ensure that laws under the SEZ Act should be complied with.
“The special economic zone brings great economic opportunities in terms of contributing to the economic growth of the nation,” he said.
“It also creates employment which are very much needed at this time as we struggle in our economic development.
“In the difficulty of living with the Covid-19 and everything that affects business, we need this sort of special interventions.”
He said special economic zones “will be able to play a significant role in economic development particularly in developing infrastructure and creating employment opportunities”.
“International experience shows that economic zones are a driving force and if monitored properly will contribute to the economic wellbeing of this nation,” he said.
“The board of the SEZ must focus on achieving the results.
“The Special Economic Zone Act specifically requires the application of SEZA, licence and development agreements to ensure that transparency, profitability and financial sustainability. The board must ensure that those laws are complied with.”
Finance and Rural Development Minister Sir John Pundari said the new board had a mammoth task to provide the oversight to ensure special economic zones were not abused.