THE Minister for Commerce, Industry, Labor and Immigration Trevor Hedley Manemahaga has officially declared the commencement of the effectiveness of the Special Economic Zone (SEZ) Act 2025 on Friday 1 August.
This landmark legislation aims to boost industrial growth, attract foreign investment, and create numerous employment opportunities in the country.
The Act will enable the establishment of dedicated zones that foster innovation, ease of doing business, and enhance global competitiveness.
The SEZs will become vibrant hubs for enterprise, technology, and sustainable growth, addressing key constraints facing investors and businesses in Solomon Islands.
Minister Manemahaga highlighted the key features of the Act, which included an investor-friendly environment, fair opportunity for participation, an enhanced tax system, and effective governance and administrative structures. The SEZs will also provide tax incentives and other benefits for zone developers and operators.
The legislation was introduced to address challenges such as a lack of a legal and institutional framework for SEZs, low foreign and domestic private sector investments, a high unemployment rate, and a weak manufacturing sector.
The government is committed to implementing the legislative framework to increase foreign investments, provide an internationally competitive environment for exports, and facilitate fair participation by domestic enterprises and manufacturers.
MCILI will collaborate closely with development partners and donors to implement the SEZ Act. Initial discussions have yielded positive feedback, indicating strong support for the implementation phases of SEZs.
The government believes that the SEZ concept will be an economic policy tool to achieve meaningful economic development by addressing the inadequacies of Foreign Direct Investment (FDI) strategies.
Minister Manemahaga extended his gratitude to all stakeholders for their continued support and collaboration in making this vision a reality.
The commencement of the SEZ Act 2025 marks a significant milestone in Solomon Islands’ economic development, and the government is committed to driving the nation’s prosperity and building a brighter future for all citizens.
– Govt Com Unit
