Peru’s foreign trade and tourism ministry, Mincetur, has approved a new regulation permitting private operators to develop the country’s special development zones, known locally as ZEDs.

Mincetur has until March 2020 to disclose terms and conditions for private investors to operate and develop the zones in Ilo, Matarani, Paita and Tumbes. Additionally, the new rules also upgraded the overall bureaucracy involved in operating from within a zone, to unlock its potential and make it as business friendly as possible. From now on, each zone will also house an office of the country’s customs and taxation authority, Sunat.  

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“This reform certainly makes customs procedures in the ZEDs easier and promotes their transparency, as we are spending efforts to promote their development,” foreign trade and tourism minister Edgar Vásquez said as he unveiled the new rules.

The rules also require any investor setting up shop in a zone to start operations within two years of signing the contract with the zone’s operator, and to produce an investment programme setting out quarterly goals.

Peru currently has four active ZEDs and one active special economic zone in Tacna. Overall, 155 firms have set up within the zones, creating 2000 direct jobs and another 7000 indirect jobs, according to figures from Mincetur.