Special Economic Zones now fully proclaimed

THE Ministry of Trade and Industry has announced the full proclamation of the Special Economic Zones (SEZ) Act, 2022, by President Christine Kangaloo on July 5.

In a release, the Trade Ministry said the full proclamation of the SEZ Act repeals the Free Zones Act, brings into effect the SEZ regulations and allows any public, private or public-private partnership to apply to the TT SEZ Authority (SEZA) for specific licences.

In 2022, the act was partially proclaimed to allow for the establishment of SEZA, which included appointing a board and staffing of the authority.

"The new SEZ regime represents a holistic investment framework, which aims to attract local and international investment, boost exports and economic diversification, create new employment opportunities and encourage increased private-sector participation in the economy, all within globally accepted standards and best practices," the release said.

It added that some of the distinguishing characteristics of the SEZ regime include specially designated zones, a robust institutional framework and a dynamic incentive framework.

The SEZA, under the stewardship of the newly appointed CEO, Stephen De Gannes, will collaborate with other ministries, agencies and the private sector to implement the new legislation.

SEZs will be designated as one of the following:

– Free Port: A duty-free area at a port of entry where imported goods may be unloaded for warehousing, repackaging or processing of imported goods for value-adding activities and logistics services and sales

– Free Trade Zone: A duty-free area that accommodates specific activities targeted for international trade

– Industrial Park: A purpose-built industrial estate that leverages domestic and foreign fixed direct investment in value-added and export-oriented manufacturing industries

– Specialised Zone: A place designated for specialised activities such as manufacturing, maritime, aviation, fishing and fish processing, agriculture and agro-processing, information and communications technology, creative industries, financial services, medical tourism, renewable energy, logistics and distribution and business process outsourcing

– Development Zone: An area where activities are focused on the development of a specific geographic region with emphasis on factors such as employment, skills training, entrepreneurship and rural development and overall social and economic development of the area.