SEZ Bill approved by Cabinet
The South African Cabinet has approved the Special Economic Zones (SEZ) Bill 2012 which will now be submitted to Parliament. SEZs are geographically defined zones where special conditions apply to attract, in particular, foreign investment.
The statement in the South African Government Information site says that the bill provides for:
• The designation, development, promotion, operation and management of SEZs;
• The establishment of a SEZ Board;
• The establishment a dedicated SEZ Fund;
• Determination and implementation of incentives for SEZ operators and businesses operating within SEZs
• Regulating the application and issuing of SEZ operator permits to persons wishing to develop and operate a SEZ.
• The suspension or withdrawal of a SEZ operator permits in certain circumstances.