Implementation of Geneva Conventions Act, 2012
R 385
Special Economic Zones Act, 2014 (Act No. 16 of 2014)Chapter 2 : Purpose, Policy and Strategy of Special Economic Zones4. Purpose of Special Economic Zones |
| (1) | A Special Economic Zone is an economic development tool to promote national economic growth and export by using support measures in order to attract targeted foreign and domestic investments and technology. |
| (2) | The purpose of establishing Special Economic Zones includes— |
| (a) | facilitating the creation of an industrial complex, having strategic national economic advantage for targeted investments and industries in the manufacturing sector and tradable services; |
| (b) | developing infrastructure required to support the development of targeted industrial activities; |
| (c) | attracting foreign and domestic direct investment; |
| (d) | providing the location for the establishment of targeted investments; |
| (e) | enabling the beneficiation of mineral and natural resources; |
| (f) | taking advantage of existing industrial and technological capacity, promoting integration with local industry and increasing value-added production; |
| (g) | promoting regional development; |
| (h) | creating decent work and other economic and social benefits in the region in which it is located, including the broadening of economic participation by promoting small, micro and medium enterprises and co-operatives, and promoting skills and technology transfer; and |
| (i) | the generation of new and innovative economic activities. |
| (3) | For the purpose of this section— |
| (a) | "regional development" means linkages to, or integration with, the host province’s growth strategies, local economic development of the host municipality and any other relevant cross-provincial economic initiatives; and |
| (b) | "targeted investments" includes investments in support of government’s economic and industrial development policies. |
