The TT Manufacturers Association (TTMA) has recently commended the Government for implementing the special economic zones (SEZ) law, which was passed in July. This move is seen as a significant step towards creating a comprehensive investment framework that aims to attract both local and international investment. The TTMA believes that the SEZ regime will not only boost exports but also promote economic diversification, generate new employment opportunities, and encourage more private-sector involvement in Trinidad and Tobago’s economy.
One of the key components of the SEZ regime is the establishment of the TT SEZ Authority (SEZA) and the appointment of staff and board members to oversee its operations. The TTMA is particularly pleased with the new regulations that allow any organization to seek specific licenses from the SEZA to operate within the new system. This will provide businesses with the necessary framework to operate within the SEZ and take advantage of the benefits it offers.
The TTMA has also highlighted the stringent controls in the application process, which require operators to submit new applications with appropriate documentation. If the documentation is deemed insufficient or unsatisfactory, authorities can request additional information to ensure compliance with the regulations. Additionally, operators are prohibited from using imported materials for purposes other than those explicitly allowed by the license’s terms and conditions. This ensures that businesses operate within the guidelines set by the SEZA and maintain the integrity of the SEZ regime.
Furthermore, the TTMA has emphasized that operators must settle any fees imposed for deficiencies in goods or materials within 30 days of being notified. This ensures that businesses are held accountable for any shortcomings and encourages compliance with the regulations set forth by the SEZA. The Special Economic Zone Act was fully proclaimed on July 5, marking a significant milestone in the implementation of the SEZ regime in Trinidad and Tobago.
Overall, the TTMA’s support for the SEZ regime reflects the association’s commitment to promoting economic growth and development in Trinidad and Tobago. By creating a conducive environment for investment and business operations, the SEZ regime is expected to drive economic diversification, create new employment opportunities, and attract both local and international investors. The TTMA’s endorsement of the SEZ regime underscores the importance of collaboration between the government and private sector in advancing the country’s economic agenda.