'Special economic zones the way to go' - Experts

Economic experts say the idea of special economic zones contained in the ZIM ASSET economic blueprint could bring real transformation to the economies of local towns and cities and ultimately the nation.

Under ZIM ASSET, government will facilitate the creation of special economic zones.

Economic analysts say the idea is too logical not to implement given the rich natural resources available in most of the country's regions.

Special economic zones are geographical regions that are designed to export goods and provide employment and their characteristics are natural resource endowment, centres of excellence and creating value chains.

Chairman of the National Economic Consultative Forum industrial taskforce, David Govere says there are several geographical regions in Zimbabwe which could become industrial hubs for production and job creation such as Chegutu which is rich in platinum, while Nyanga is the home of timber plantations.

An economist Dr Christopher Kasiyazi said special economic clusters have low logistical costs as activity is centred in the zone leading to cheaper costs of production.

Analysts say the concept of special economic zones is not new in Zimbabwe as shown by the creation of Hwange coal mine and power station and the steel works in Kwekwe, Redcliffe, highlighting that political will is required to make it a lasting success this time.

Some special economic zones are exempt from restrictive corporate laws regarding taxes, quotas, FDI-bans, labour laws and other restrictive measures in order to make goods manufactured in the zones more globally competitive.