SEZs Challenged To Innovate And Adapt – PM

Special economic zones (SEZs) locally and globally are continuously being challenged to innovate and adapt in these “new times”, to better serve home nations, says Prime Minister, the Most Hon. Andrew Holness.

The Prime Minister indicated that with tensions across the world, the COVID-19 pandemic, the climate crisis and the war in Europe (Ukraine and Russia), Governments and companies are recognising the risks and challenges associated with long-distance supply chains.

As such, he pointed out that countries and entities are exploring nearshoring and reshoring options via SEZs.

The Prime Minister was addressing the MOU signing ceremony for the Global Alliance for Special Economic Zones (GASEZ) and launch of the first annual conference, held at the Montego Bay Convention Centre in Rose Hall, St James, on Monday (June 13),
SEZs are areas within a country that are created to facilitate rapid economic growth, by leveraging tax incentives as a way of attracting foreign investments and technological advancement.

Mr. Holness said he was honoured to participate in the signing ceremony for the United Nations GASEZ.

“This is a momentous occasion, given that the mandate of GASEZ is to drive the modernisation of SEZs worldwide, in order to boost development,” the Prime Minister said.

“I look forward to the various initiatives to ensure that every member of the World Free Zones Organization (WFZO) will become resilient with enhanced capacity to contribute to our various economies through job creation, enhanced global networking and exchanges of best practices to build capacity,” he added.

The signing of the MOU for GASEZ was witnessed by Mr. Holness and Chairperson of the WFZO, Dr. Mohammed Al Zarooni.

The eight founding members of the Alliance represented WFZO, Africa Economic Zones Organisation (AEZO), Green Partnership for Industrial Parks of China (GPIPC), Free Trade Zones Association of the Americas (AFZA), International Association of Science Parks (IASP), National Association of Free Trade Zones (NAFTZ), United Nations Conference on Trade and Development (UNCTAD), and the World Free and Special Economic Zones Federation (FEMOZA).

For his part, Dr. Al Zarooni noted that the new Alliance is pivotal to the further growth of more than 7,000 SEZs and the 100 million employees, all of which remain resilient and ready to contribute to the economic development of 145 economies around the world.

“This global alliance will bring benefits to all stakeholders in helping to enhance SEZs’ daily operations and activities. In addition, it will play an important role in allowing the smooth integration of zones into that ecosystem and anticipating their future needs,” he noted.

“The worldwide alliance is also expected to undertake joint technical cooperation programmes for modernising SEZs and promoting sustainable development goals for the zones. The SEZ community can expect a lot from the alliance, providing all of us share our knowledge, services and experiences,” Dr. Al Zarooni added.

The GASEZ conference is being held in conjunction with the Annual International Conference & Exhibition (AICE) 2022, which is scheduled for June 13 to 17 and organised by the WFZO.

It features global business leaders, multilateral organisations and policymakers, who are sharing best practices as well as promoting public awareness, through panel discussions, on the roles and contributions of free zones in economic growth.