Gabon is developing a US$500m Special Economic Zone (SEZ) to focus on downstream processing of timber.

The project, developed by the government and Olam International, covers 1,126ha of land on an industrial park. Foreign investors are being targeted to help finance the project.

One million ha of forest has been allocated to serve the SEZ, with a further one million ha in the process of allotment.

Gabon banned the export of raw logs in 2010 in a bid to add value to the country’s timber exports and increase its foreign exchange earnings.

Investors interested in processing timber in the SEZ are being offered incentives, including a VAT exemption for 25 years, and a corporate tax exemption for 10 years. Electricity costs will also be halved.

Source: internet

Posted and edited by Riona, Hanbao News Department

Contact: rionach@cltimber.com