The Speaker of Parliament Rebecca Kadaga has asked government to widen the free trade zone areas to take care of the local investors in the country.
Kadaga said this while touring the Euroflex factory in Kireka, Saturday 4 May, 2019. Euroflex manufactures mattresses and other foam products. She said that the free trade zones are limited and some local investors cannot benefit from it.
“We should look at the local investors as well and create conducive environments for them, access reasonable credit and incentives which are more favorable in the free trade zone. Minister of Finance, Matia Kasija needs to broaden the free trade zones because there are very few local investors who have investments worth US$8 million,” she said.
A free-trade zone is a geographic area where goods may be landed, stored, handled and manufactured under specific customs regulations and generally not subject to customs duty.
Kadaga thanked Euroflex for supporting the country for the last 18 years and also investing in the country with high quality equipment.
“Thank you for supporting the youth with employment and making sure that you have a 50 per cent representation; it shows that you value the roles of both men and women in expanding your companies,” she added.