© 2026 International Bank for Reconstruction and Development /The World Bank 1818 H Street NW,Washington, DC 20433Telephone: 202-473-1000internet: www.worldbank.org This work is a product of the staff of The World Bank with externalcontributions. The findings, interpretations, and conclusions expressed inthis work do not necessarily reflect the views of The World Bank, its Boardof Executive Directors, or the governments they represent. The WorldBank does not guarantee the accuracy of the data included in this work.The boundaries, colors, denominations, and any other information shownon any map in this work do not imply, on the part of the World Bank Group,any judgment on the legal status of any territory, or any endorsementoracceptance of such boundaries.Nothing herein shall constituteor be considered to be a limitation upon or waiver of the privileges andimmunities of The World Bank, all of which are specifically reserved. Attribution:Please cite the work as follows: World Bank. 2026.Special Economic Zones in South Africa – Policy Review. Wash ington,DC: World Bank. Translations:If you create a translation of this work, please add thefollowing disclaimer along with the attribution: This translation wasnot created by The World Bank and should not be considered anofficial World Bank translation. The World Bank shall not be liablefor any content or error in this translation. Adaptations:If you create an adaptation of this work,pleaseaddthe following disclaimer along with the attribution:This isan adaptation of an original work by The World Bank. Views andopinions expressed in the adaptation are the sole responsibility ofthe author or authors of the adaptation and are not endorsed byThe World Bank. Third-party content:The World Bank does not necessarily own eachcomponent of the content contained within the work. The World Banktherefore does not warrant that the use of any third-party-ownedindividual component or part contained in the work will not infringe onthe rights of those third parties. The risk of claims resulting from suchinfringement rests solely with you. If you wish to reuse a componentof the work, it is your responsibility to determine whether permissionis needed for that reuse and to obtain permission from the copyrightowner. Examples of components can include, but are not limited to,tables, figures, or images. ACKNOWLEDGMENTS We extend our gratitude to the Department of Trade, Industry and Competition (dtic) for its steadfast leadershipand invaluable support in the development of this study on South Africa’s Special Economic Zone (SEZ) policy andto the National Treasury for providing the team with valuable data and information that was critical for this study. We sincerely thank the management and staff of SEZs across the country, whose insights and cooperation werecritical to the success of this endeavour. We are also grateful to the International SEZs, Gujarat InternationalFinance Tec-City (GIFT) in India and the China Merchants Group at the Shekou Industrial Zone, in Shenzhen China,who hosted the team on their site visits. This study was undertaken by a team led by Smita Kuriakose (Lead Economist and Task Team Lead at the WorldBank). CRA Global Development was appointed by the World Bank as the research consulting firm, and the teamcomprised Saveshen Pillay (Research Manager), Aurobindo Ogra (Senior Researcher-Urban Planning), DeniseMubaiwa (Economic Researcher), Tshepiso Lefoka (Economic Researcher & Operational Manager), Bradley Kent(Economic Researcher), Jieyi Zhou (Researcher), Abhishek Rautela (Researcher), Bianca Reveles (Operations), andMs Shaza Sidig (Operations). The report was prepared under the guidance of Satu Kahkonen (Country Director); Hassan Zaman (World BankRegional Director for Prosperity); and Consolate Rusagara (Manager for Finance, Competitiveness and Innovation).The team thanks the peer reviewers Thomas Farole (Principal Economist), Mariem Malouche (Senior Economist)and Ganesh Rasagam (Lead Private Sector Specialist), who provided valuable feedback. TABLE OF CONTENTS Fiscal Incentives................................................................................................................................................. 1Non-Financial Incentives.................................................................................................................................... 2Infrastructure...................................................................................................................................................... 3 FINANCIAL PERFORMANCE AND COST-BENEFIT ANALYSIS...........................................................................2 Scale of Public Investment................................................................................................................................. 2A Critical Inflection Point..............................................................................................................