The Special Economic Zone Authority (SEZA) was officially opened yesterday.
The Authority, which is located on Waterloo Road in St. Andrew, will regulate and supervise the upgrading of the free zone regime to modern Special Economic Zones.
Chairman of the Authority, Metry Seaga, explained that its mandate comes from a recent Cabinet decision on the logistics hub master plan.
“A special economic zone is a defined geographical area for new business where local or international investors apply to have their businesses so defined. There are significant economic benefits - we are confident that they will help to create and grow our economy in a meaningful way.”
In the meantime, CEO of the Special Economic Zone Authority, Dr. Eric Deans, revealed that the agency will also consider the implementation of block chain technology into local business operations.
For his part, Prime Minister Andrew Holness says while the physical locations of special economic zones create an area where businesses can grow with special fiscal incentives, there are other benefits.
“The government gets some tax revenue but the people of the country get employment. In that process of evolving there is some technology transfer that becomes resident in your labour force,” the Prime minister said.