PRESIDENT ZUMA TO LAUNCH NEW FREE ECOOMIC ZONE IN FREE STATE PROVINCE

PRETORIA, South African President Jacob Zuma will launch the Maluti-A-Phofung Special Economic Zone (SEZ), in Harrismith, in Free State Province on Tuesday as part of the government’s SEZ Programme, which is aimed at accelerating economic growth and development in designated regions of the country.

The Maluti-A-Phofung SEZ functions as a back-of-port operation to ease congestion at South Africa’s biggest port at Durban and also provides South African Customs functions and facilities for imported goods and export goods, including goods moving north into other southern African countries.

The SEZ also provides road and rail logistics and handling facilities for the Gauteng�Durban port corridor and links it to the Bloemfontein�Cape Town corridor.

The Maluti-A-Phofung SEZ covers 1,038 hectares and is envisaged to accelerate economic growth and development in the region, as part of the government’s programme of radical socio economic change. The main industries it serves are agriculture, agro-processing, automotive and logistics, including container terminal and car terminal facilities.

The Industrial Policy Action Plan driven by the Department of Trade and Industry has identified strategic special economic zones across the country to enhance industrialisation, attract foreign direct investment as well as create employment, said the Presidency in a statement here Monday.

Companies operating within Special Economic Zones are eligible for incentives under the SEZ Act of 2014, including 15 per cent corporate tax for 10 years, building allowance tax relief, employment tax relief for low-level employees and tax allowance for development of greenfield operations.

Source: NAM NEWS NETWORK