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Solomon Islands passes SEZ Bill 2024 to boost investment, jobs, and economic growth through designated zones.
Prime Minister Jeremiah Manele has welcomed the passage of the Special Economic Zones (SEZ) Bill 2024, describing it as a major milestone in the government’s efforts to drive investment, create jobs, and stimulate economic growth across the country.
The National Parliament passed the SEZ Bill today through the Committee of the Whole House without amendments. During the proceedings, the Minister for Commerce, Industries, Labour and Immigration, Jamie Lency Vokia, submitted a list of technical corrections under Standing Order 58(2) for the official parliamentary record. These minor changes will be incorporated into the final version of the bill before it is presented to the Governor-General for formal assent. The bill was subsequently passed at its third reading.
Prime Minister Manele, who contributed to the debate during the bill’s second reading, said the legislation lays a strong foundation for the future of the Solomon Islands’ economy. He emphasised that the Special Economic Zones initiative is a key component of the Government for National Unity and Transformation’s economic reform agenda, providing a clear legal framework to establish and manage designated zones aimed at attracting investment and supporting business development.
According to the Prime Minister, the SEZ Bill is designed to foster growth by offering tailored incentives, streamlining regulatory processes, and promoting production for both local consumption and export. He noted that this approach aims to boost infrastructure development, encourage private sector activity, improve livelihoods, and increase economic opportunities, particularly in rural and underdeveloped areas.
For Solomon Islanders, the passage of the SEZ Bill is expected to create more employment opportunities, enhance infrastructure in designated zones, and offer greater support for local businesses. It also reflects a broader commitment by the government to modernize the economy and improve living standards.
With the legislation now passed, the government plans to work closely with communities, landowners, investors, and development partners to implement the SEZ framework in a way that is inclusive, transparent, and beneficial to the nation as a whole.
SOURCE: OPMC PRESS
