Nasfund eye investment in special economic zones

SEZA chief executive officer Kikila Yawase and Nasfund chief executive officer Rajeev Sharma during the agreement signing on Tuesday.

National Superannuation Fund [Nasfund] is the first local investor to sign a Memorandum of Understanding [MoU] with the Special Economic Zones Authority [SEZA].

The agreement opens the door for the Superfund to invest on behalf of its over 650,000 members in any Special Economic Zones [SEZ] with guarantee tax incentives.

SEZA is the vehicle created by Marape Government to drive the establishment of special economic zones to support the country’s economic growth, through downstream processing and employment creation.

SEZA chief executive officer Kikila Yawase said "the important part of this MOU is whatever investment decisions we make or diversification of investments Nasfund do, they must have these incentives and it must be centered to their investment decisions.

"SEZA will offer the tax incentives to Nasfund and [any] cashed up investors who are looking for the right environment to invest so we all achieve mutual benefits," Mr Yawase said.

Nasfund chief executive officer Rajeev Sharma said the agreement will help the superfund to diversify its investment portfolio.

"Investment in SEZs will also result in increase of economic activities and create employment and Nasfund anticipates for membership growth with such initiative.