Opens special economic zone

Sierra Leone opened West Africa’s first tax-exempt economic zone in May, in another part of the Government’s attempts to make the country more attractive to foreign investment. The First Step Economic Opportunity Zone—a 54-acre site just outside the capital, Freetown—is a public-private partnership that is 75 percent-owned by a US non-Governmental organization, World Hope. Any company setting up in First Step will benefit from a three-year tax holiday, duty- and tax-exemptions on imported goods, and guaranteed supplies of electricity and water. The opening of the zone comes after the state-run Sierra Leone Investment and Export Promotion Agency announced a raft of new reforms at the start of January to make it easier for foreign companies to do business in the country.

• Type:

  • Promotion and facilitation (Special economic zones)

• Industry:

  • Not industry specific

• Sources:

  • The Economist Intelligence Unit, Sierra Leone economy: Tax-free economic zone opened, http://viewswire.eiu.com/index.asp?layout=VWPrintVW3&article_id=1568193141&printer=printer, 01 Jun 2011