By Josephine Chipofya

Lilongwe, April 1, Mana: Ministry of Trade and Industry has emphasized the significance of Special Economic Zones (SEZs) regulations in attracting investment and fostering industrialization.

Secretary for Trade and Industry Christina Zakeyo said developing regulations for SEZs is crucial in attracting investments and promoting economic growth.

She made the remarks in Lilongwe during the validation meeting of Special Economic Zones regulations attended by consultants and developers.

“The SEZs regulations will provide a clear and transparent framework for the establishment and operation of the SEZs, ensuring alignment with our national development goals under Malawi 2063 and the draft industry policy,” she said.

She further said SEZs will facilitate job creation, foreign investment flows, export growth and economic diversification.

In her remarks, Head of the United Nations Resident Coordinator’s Office, Mickelle Hughes, said the success of SEZs depends on dedicated and specifically calibrated policy, legal frameworks and an effective implementation framework.

“With the enactment of the Special Economic Zones Act (2024), Malawi is well positioned to leverage SEZs as a catalyst for industrialization, economic diversification and regional trade integration under the African Continental Free Trade Area.

“However, for SEZs to deliver their intended impact, clear and actionable policies and regulations are essential,” she said.

The Special Economic Zones Act assented in January 2024 and came into force in March 2024 to allow the provision of more liberal economic laws.

SEZs' aims include increasing trade balance, employment, increasing investment, job creation and effective administration