Law for Special Economic Zones

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The Law on Special Economic Zones was published in Special Official Gazette N° 6.710 on July 20th, 2022. Please find below the most relevant aspects of the law:

  1. When does the Law enter into force? The Law entered into force on the same date of its publication in the Official Gazette, on July 20th, 2022.
  2. What are Special Economic Zones? Special Economic Zones are geographical delineations where a special socioeconomic regime is applied, with the intent of developing the strategic economic activities contained in this Law and the National Economic and Social Development Plan.
  3. What is the purpose of Special Economic Zones? Among others, the objectives of the Special Economic Zones are (article 6): (a) the development of a new national productive model; (b) the promotion of productive economic activities, of both foreign and domestic origin, within the country; (c) the diversification and increase of exports; (d) participating in innovation, supply chains, and international markets; (e) promoting the nation’s industrial development; (f) promoting the selective substitution of imports; (g) contributing to the diversification of the country’s economy; (h) guaranteeing technological transfer; (i) ensuring that comparative advantages are duly exploited; among others.
  4. What is the process for the creation of a Special Economic Zone? Special Economic Zones are created via Presidential Decree, issued by the Ministerial Council (art. 7). This Decree must be sent within eight (8) continuous days, to the National Assembly which must approve or reject the Decree within ten (10) workdays of receiving the draft, according to the content of article 10. If the National Assembly does not respond within the allotted time frame, it will be considered approved.

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