Taiwan's first free economic zone

Bintulu International Container Terminal

Kaohsiung, May 25 (CNA) President Ma Ying-jeou said Friday he hopes the Port of Kaohsiung can work toward becoming Taiwan‘s first showcase free economic zone to help drive the country’s economic growth.

Speaking at the groundbreaking of the second phase of the port’s International Container Terminal, Ma said the proposed showcase free zone will comprise the existing Kaohsiung Free Trade Zone, export processing zones and industrial parks in the southern Taiwan city.

The government plans to invest NT$28.11 billion in the NT$90.6 billion project for the terminal’s second phase, according to Taiwan International Ports Corp., which operates the Kaohsiung port.

The second phase of the terminal, which will create 19 new deepwater berths, is scheduled to be completed in 2019, the company said.

Ma said petrochemical companies in the area planning to relocate should consider moving instead to the container terminal, since 10 of the new berths will be used for a petrochemical distribution center in the terminal.

Minister of Transportation and Communications Mao Chi-kuo also said that under the project, land will be allocated for the relocation of petrochemical companies in the old port area.

However, Chu Shao-hua, chairman of the state-owned oil refiner CPC Corp., Taiwan, said the company will move only its oil tank in the old port area and has no plans to establish a new petrochemical plant at the Kaohsiung terminal when its naphtha cracker complex shuts down in 2015.

The government confirmed May 14 that a controversial project intended to replace the production of CPC Corp.’s complex in Kaohsiung would be relocated to Malaysia.

The Kuogang project, partly invested by CPC Corp., was proposed in 2005 and was scheduled to be built in a wetlands area in central Taiwan’sChanghua County, but it was scrapped last y

via Free economic zone project to get off the ground in Kaohsiung – CNA ENGLISH NEWS.

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Lekki Free Trade Zone to generate 1m jobs

The president of Nigeria, Goodluck Jonathan, a...

The hope of generating more jobs through Foreign Direct Investment (FDI) will soon become a reality once the Lekki Free Trade Zone (LFTZ)  begins operation. It is expected to generate about one million jobs. This is the view of many stakeholders who shed more light on the advantage of the project.

Consistent with the strategic intent to make the LFTZ a major growth driver and  catalyst for socio-economic development, the Federal Government has pledged its unflinching support to the Lagos State Government, the consortium of Chinese investors and other stakeholders to ensure the take-off of the LFTZ in earnest.

Also, LFTZ management has recorded some significant developments, thus reinforcing the viability of the project as a kickstarter  for economic transformation.

The Executive Secretary, Africa Free Zones Authority (AFZA),  Chris Ndibe, said if properly managed, the project is capable of generating about one million jobs annually, which is in keeping with the transformation agenda of President Goodluck Jonathan.

Minister for Trade and Investment Olusegun Aganga said this is in line with the Federal Government’s agenda to create jobs for Nigerians, especially, the youth.

via The Nation – ‘Lekki Free Trade Zone to generate 1m jobs’

Africa signs agreement for Africa Free Trade Zone

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The leaders of three African regional economic blocs signed an agreement to develop a free trade zone stretching from Cape Town to Cairo.

The so-called Grand Free Trade Area would encompasses 26 countries, 600 million people and have an estimated gross domestic product of about $1 trillion, according to a statement released after a conference in Johannesburg today.

“The establishment of a Tripartite Free Trade Area will bolster intra-regional trade by creating a wider market, increase investment flows, enhance competitiveness and develop cross-regional infrastructure,” according to the statement.

The meeting was attended by leaders from the Southern African Development Community, the Common Market for Eastern and Southern Africa, and the East African Community. It is their second since an initial summit in October 2008. They agreed to further negotiations, without publishing any timeframes.

South African President Jacob Zuma told a press conference that Africa needs to remove hurdles to the movement of goods across boundaries and that infrastructure development must lift intra-Africa trade “from the current low base of 10 percent.”

South Africa, the continent’s largest economy, is driving regional integration as it seeks to create a larger market for companies such as Shoprite Holdings Ltd. (SHP), Africa’s biggest retailer. Africa’s economy has grown an average of 5.7 percent each year over the past decade, according to the International Monetary Fund, fueling the expansion of a new middle class.

via African Trade Blocs Sign Agreement to Develop Continental Free Trade Zone – Bloomberg