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Summary of the key features if the Zimbabwe Special Economic Zones Act (Chapter 14:340

Download Special Economic Zones Act [Chapter 14-34] Veritas (1)

  1. Section 2, 3 and 4 deals with who we are and how we are constituted. In particular Section 4 puts the responsibility on the Special Economic Zones Authority (ZIMSEZA) to run the operations and management of SEZs
  2. Section 5 and 6 addresses the constitution of the SEZ board and its appointment, requirements, conditions and expectations
  3. Part 2 Section 18 of the act, deals with the functions of the Authority and the fact that the Authority is constituted as a single institution to which all applications for investment approvals are to be made and all necessary approvals, licenses and permits may be granted or issued in respect of approved investments
  4. Section 19 deals with the powers of the Authority
  5. Section 20 is clear on how Special Economic Zones are designated and this is done only through the declaration on an area as such by the Authority
  6. Section 21 and 22 deal with the administrative aspects of reports and reporting structures of the Act and the appointment / termination of duties of the Chief Executive Officer (CEO) and the setup of the Secretariat in order for the Authority to function  appropriately.
  7. Section 23 deals with the application process for the investment licenses  and specifically states that any person, legal or natural, wishing to obtain approval to invest in an SEZ or wants his/her business activity or activities approved as an activity in a SEZ in the country, shall submit an application to the authority in the prescribed form for an investment licence, and that the application shall be accompanied by the prescribed fee as the Authority may require
  8. Section 24 deals with appeals to the Minister if the applicant is aggrieved by a board decision to reject an application which, the candidate would want addressed by the Minister
    The section also addresses the insurance of Developers Permits while Section 25 lay out those essential attributes that must be fulfilled by any application, namely exports generation, import substitution, employment creation, technology transfers, value addition and beneficiation, enhancement of local linkages and any other such considerations as the Authority may consider appropriate.
  9. Section 26 spells out a period of 5 days within which the Authority undertakes to approve or reject an application and the minimum information to be contained in an application form
  10. Section 35 deals with the protection of investments in the SEZs
  11. Section 43 and 44 deal with the foreign currency nature of all payments and dealings in the SEZs and their insulation from any currency of dealing or trade used by the general economy
  12. Section 56 of the Act specifically exempts all investments in SEZs from the application of the Indigenization and Empowerment Act Chapter 14:33
  13. The application of the Labour Act (28:01) is flexible.
  14. Section 57 talks of gazetting regulations to guide operationalization of SEZs