Approved Lambayeque Free Trade Zone to boost regional economic development

The Permanent Commission of the Congress of the Republic has approved, with a resounding result of 28 votes in favor, 0 against, and 0 abstentions, the declaration of national interest for the creation of the Lambayeque Free Trade Zone (Zofralambayeque) in the district of Puerto Eten, province of Chiclayo. This important legislative step, driven through bill No. 867, aims to establish a Special Economic Zone (SEZ) in the Lambayeque region with the goal of promoting socio-economic development through investment promotion and technological innovation. The purpose of the Lambayeque Free Trade Zone is to serve as a space for industrial, agro-industrial, assembly, maquila, and service activities. This diversified approach seeks to energize the local and regional economy, generate employment, attract investment, and promote technological development in the area. The creation of the Organization and Administration Committee of Zofralambayeque, attached to the Lambayeque Regional Government, will be crucial for the effective management and operation of this initiative. Within this committee, the participation of representatives from various public and private entities is foreseen, including the Regional Government, the Provincial Municipality of Chiclayo, the District Municipality of Puerto Eten, the Ministry of Foreign Trade and Tourism (Mincetur), the Ministry of Production (Produce), the Chamber of Commerce and Production of Lambayeque, and the National Society of Industries-Lambayeque Branch. This diversity of actors will allow for a comprehensive and collaborative vision to drive the development of the Free Trade Zone. Furthermore, it is important to note that while significant steps have been taken towards the creation of new Special Economic Zones (SEZ) in the country, there are still legal gaps that need to be addressed. In this regard, the approval of a framework law that regulates these zones and establishes a special tax and customs framework is essential to ensure their proper functioning and promote their expansion in the future. In this context, bill No. 293/2021-CR, approved by the Congress Economic Commission, proposes a special tax and customs regime for new private SEZs, granting private companies the possibility to propose and manage these zones, always under the supervision and approval of the State. This initiative aims to incentivize private investment and facilitate the development of new SEZs throughout the country. From the Executive Branch, work is also being done on a bill to promote Special Economic Zones at the national level. The intention is to have a single framework law that regulates all existing free trade zones in Peru, providing a clear and stable legal framework for their operation. In this sense, there has been mention of the possibility of promoting an SEZ in the Port of Chancay, which would be the first privately managed one in the country. In summary, the declaration of national interest for the creation of the Lambayeque Free Trade Zone represents an important step towards economic development and investment attraction in the region. However, it is essential to continue working on the development of a solid legal framework that guarantees the sustainability and growth of Special Economic Zones in Peru, thus promoting job creation, innovation, and progress at the national level.