Special Economic Zones Regulations 2016 ratified
12 Aug 2016
The Government has adopted new rules allowing foreign direct investment (FDI) in special economic zones (SEZ) where products will be manufactured for the export market. These state that the Special Economic Zones Authority must maintain an open investment environment to facilitate and encourage business via establishment of “simple, flexible and transparent procedures for registration of the investor”. They also seek to enable foreign investors put up plants within the shortest time possible. They empower county governments to set aside public land for the establishment of Special Economic Zones and to collect levies on behalf of the government from operators, developers and factory owners. The new regulations are a departure from past practice where the government, which owns the land, funds construction of necessary infrastructure before allowing investors to put up factories.
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Type:
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Promotion and facilitation (Special economic zones)
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