Ten special economic zones announced in 2024/2025 budget

FINANCE Minister Colm Imbert said government has approved ten special economic zones across the country in accordance with the Special Economic Zones Act 2022.

Speaking during his presentation of the 2024/2025 budget in Parliament on September 30, Imbert said the full proclamation in July of the Special Economic Zones Act 2022 marks a significant milestone in the government’s economic development strategy.

He said the industrial parks were Phoenix Park Industrial Estate, Dow Village Industrial Estate, Factory Road Industrial Park, Debe Industrial Park, Point Fortin Industrial Park, Tobago Cove Eco-Industrial and Business Park and Piarco Aero Park.

The specialised zones will be the Moruga Agro-processing and Light Industrial Park in Chaguaramas.

Imbert said businesses previously operating under the now-repealed Free Zones Act have been provided a six-month transition period to facilitate the shift, allowing these companies to choose whether they operate as an SEZ operator, an SEZ enterprise, or a Single Zone enterprise under the new legislation.

He said these companies will continue to be entitled to benefits under the Free Zone Act.

SEZ operators act as landlords of special economic zones; SEZ enterprises conduct business within those spaces managed by operators; and Single Zone enterprises are large stand-alone operations.