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{
"id": 576041,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/576041/?format=api",
"text_counter": 179,
"type": "speech",
"speaker_name": "Hon. (Prof.) Nyikal",
"speaker_title": "",
"speaker": {
"id": 434,
"legal_name": "James Nyikal",
"slug": "james-nyikal"
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"content": "The most important thing is that this will definitely increase productivity and create employment, particularly amongst the youth, where we have our greatest failure now. There is a large number of youth that we have in this country that cannot get a means of livelihood or, realise their potential in life. I appreciate and, therefore, support this Bill; perhaps, the most important aspect of it is the creation of this Authority that will work out the criteria for identifying and declaring zones as special. That Authority is in Part III, Clause 10. It will determine investment criteria, including investment threshold. It will also make recommendations to the Cabinet Secretary on all aspects of designation, approval, establishment, operation and regulation of these zones, promote and market special economic zones to the potential economic zone developers, operators; each will be administered as a one stop centre. These will be noble objectives and functions of this Authority. If we do that, we will improve the economic competitiveness of this country. We will also enhance efficiency. In Part V, we have put in regulations. It is important that we exploit our potential, create areas and invite investors, but often, this can be abused. So, regulations are important. On the other hand, we know that one of the greatest hindrances to our economic growth is the cost of doing business, the ease or the difficulty of doing business, the ease with which we get licences, the ease or the difficulty in which we can get businesses taking off quickly. If we are in these zones with these regulations in Part V, we will go a long way in helping our country by making these economic zones the engines of development and growth. It is important that we have created an Authority and a fund. Clause 21 creates the Fund. However, I have looked at what the Fund is to be utilized for and this is an area we will need to look at. In Clause 23, the only part that I am happy with is (f) on the funding or the promotion and marketing of special zones. The rest is the usual use of funds to run an Authority. If we can look at areas of funding and supporting local investors to also operate in these areas, that can go a long way in making this a reality. Hon. Temporary Deputy Speaker, in Part VI, we have put the rights and obligations. Again, it is extremely important that when we are in these zones, there are those rights that the investors will enjoy, but they must have responsibilities as well. So, we will look at this in detail. This is a good Bill. Again, under the regulations, it provides some tax relief. As much as we would like to have revenue, sometimes it is important to make people comfortable and have considerate taxation for people to invest more. We should have an environment that people will run to from all over the world. Our own people should be supported to start investments and businesses in an easy way. With that, I support the Bill. We will look at it in detail at the Third Reading stage."
}