THE TT Manufacturers Association (TTMA) has hailed the Government for implementing the special economic zones (SEZ), passed into law in July, and setting up the National Illicit Trade Task Force.

The implementation of the law, the TTMA said, would also see the establishment of the TT SEZ Authority (SEZA) and the appointment of staff and board members to the authority.

“The new special economic zones regime will create a comprehensive investment framework that aims to attract both local and international investment,” the TTMA said in a July 24 release, reissued on August 13. It said the regime will boost exports, promote economic diversification, generate new employment opportunities and encourage more private-sector involvement in TT’s economy.

“The TTMA is particularly pleased with the new regulations that enable any organisation to seek specific licences from the SEZA to operate within the new system.”

The association took special note of 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 now request additional information,” the TTMA said The association said it also took note of regulations that prohibits operators from using imported materials for purposes other than those explicitly allowed by the licence’s terms and conditions.

“In case of any deficiencies in goods or materials, charges may be imposed and the operator will be responsible for settling these fees within 30 days of being notified,” the TTMA said.

The Special Economic Zone Act was fully proclaimed on July 5, after being partially proclaimed in January 2022.

The post TTMA applauds Government for implementing special economic zones law appeared first on Trinidad and Tobago Newsday.