Opens special economic zone
01 Jun 2011
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.
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Promotion and facilitation (Special economic zones)
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