Somailandsun: The Somaliland Special Economic Zones law is as a result of the imperatives raising the economy and development that can address the economic problems in the country.
And recognizing that the implementation of the Special Economic Zones shall contribute to the realization of economic development agenda, lawmakers at the house of representatives upon debate unanimously approved thence president Muse Bihi Abdi promulgation of “The Special Economic Zones Law No: 93/2021”
The Special Economic Zones aspire
- a) to promote and facilitate local and foreign investment in the Republic of Somaliland;
- b) to create and expand employment opportunities;
- c) to stimulate economic growth in existing and new business sectors through the sustainable development of new Special Economic Zones;
- d) to develop new infrastructure and rehabilitate existing infrastructure;
- e) to encourage the private sector to participate in the development, operation and Somaliland Special f) to create an attractive regulatory framework and conducive business environment for local and foreign investors, including through the creation of a one stop shop and entitlement to a package of fiscal and non-fiscal incentives;
- g) to promote financial and industrial cooperation between the Republic of Somaliland and foreign countries through technology-intensive industries that will modernize the country’s industrial sector and improve productivity levels by utilizing new technological and managerial know-how; and
- h) To enable the Special Economic Zones to operate outside the Customs Territory, within the framework of the Constitution and the national sovereignty and territorial integrity of the Republic of Somaliland.
The purposes of the Somaliland Special Economic Zones Law are;
1) To regulate the establishment, development, operation and maintenance of Special Economic Zones in the Republic of Somaliland.
2) To establish the legal framework and mechanisms for the regulation and administration of activities within the special economic zones with due regard to the principles of openness, competitiveness and transparency, and
3) To enable environment for the development of all aspects of special economic zones including; development of integrated infrastructure facilities, creation of incentives for economic and business activities and to remove of impediments to economic or business activities that generate profit for enterprises in areas designated as special economic zones.
Follow link to Read full details of the Somaliland Special Economic Zones Law, No: 93/2021