The Ministry of Trade and Industry has officially proclaimed the full enactment of the Special Economic Zones (SEZ) Act, 2022 by President Christine Kangaloo on July 5th.
This move repeals the Free Zones Act and sets into motion the SEZ regulations, allowing any public, private, or public-private partnership to apply for specific licenses from the TT SEZ Authority (SEZA). The SEZA was established in 2022, with the appointment of a board and staffing of the authority.
According to the Trade Ministry, the new SEZ regime is aimed at attracting both local and international investments, boosting exports, promoting economic diversification, creating new job opportunities, and encouraging increased private-sector engagement within globally accepted standards and best practices.
Some key features of the SEZ regime include specially designated zones, a comprehensive institutional framework, and a dynamic incentive system. The newly appointed CEO of SEZA, Stephen De Gannes, will work in collaboration with other government ministries, agencies, and the private sector to implement this legislation.
SEZs will be classified into different categories such as Free Ports, Free Trade Zones, Industrial Parks, Specialized Zones, and Development Zones, each catering to specific activities and industries from value-added manufacturing to renewable energy and business process outsourcing. This new development aims to drive economic growth and development across various sectors in Trinidad and Tobago.
