The Chronicle (Zimbabwe) reports that the Ministry of Economic Planning and Investment Promotion and South Africa’s Department of Trade and Industry are creating economic zones in their respective countries to boost investment. Economic zones are areas where local and foreign investors or companies who invest there are given preferential benefits like low tax and low rentals.
Speaking during the 4th Investment and Trade Initiative between visiting South African business delegates and Bulawayo business people, the Deputy Minister of Economic Planning and Investment Promotion Dr Samuel Undenge said the Bilateral Investment Promotion and Protection Agreement signed in 2010 by the Zimbabwean and South African Governments would help in the creation of the economic zones.
South Africa’s Deputy Director General responsible for Enterprise and Development Mr Sipho Zikode said they were busy crafting a special document to guide the 12 identified economic zones in South Africa. “Messina is one of the chosen economic zones in South Africa and we also want to create linkages with Beitbridge as they are close to each other,” said Mr Zikode. Dr Undenge said there was need for countries to work together to boost economies on the continent. The business seminar was held to achieve mutual economic growth and development through outward investment facilitation, infrastructure development and trade liberalisation between Zimbabwe and South Africa.
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