PSC News related topic, page-738

http://www.zbc.co.zw/lithium-mine-medical-project-granted-sez-status/

The government has gazetted regulations allowing two multi-billion dollar projects to enjoy tax benefits and incentives as special economic zones (SEZ) in a move expected to increase exports, facilitate value added products and create employment opportunities.

According to Statutory Instrument 381of 2019 issued on Friday, the Arcadia Lithium Mine Project has been granted aspecial economic zones (SEZ) status and will enjoy incentives in a move expectedto result in the business activity creating more opportunities in the lithiumvalue chain.

The multi-billion dollar project willalso be required to provide a value chain system where the mineral commoditywill be processed locally at low costs with the focus being towards themanufacture of batteries.

A Singapore based investor, Mr **rielArezio, who is in the country looking for businesses in mining, agriculture andconstruction, said the special economic zones model is very important but willbe a success in Zimbabwe if the government sticks to its promises.

“It can be a success but the problemwe are facing is of projects that are merely a talk show, so if the Zimbabweangovernment is really committed to the project then we can see it being a realsuccess,” he said.

Zimbabwe has developed specialeconomic zones to increase investment in key productive sectors of the economyand to facilitate rapid economic growth, by providing tax and other fiscalincentives to attract foreign direct investment, create jobs, increase valueaddition, create linkages with the domestic economy and ensure skills transferand technological advancement.