THE Government is ready to support the Forex Traders’ Association of Zimbabwe (Fotraz) through the establishment of a Special Economic Zone.
Industry and Commerce Deputy Minister Raj Modi said this at the launch of Fotraz in Bulawayo on Saturday.
A Special Economic Zone (SEZ) is a designated geographical region that operates under special economic regulations that are different from other areas in the same country.
The concept is meant to offer special conditions and incentives to enhance international competitiveness as well as bolstering industrial growth and development.
“I have been following the Forex Trading School Africa story for some months, and the Government recognises the role the school is playing especially in training our youths on how to trade and earn a living from online trading.”
Online currency trading is the world’s largest market generating over $7 trillion a day while in London alone, over $2,7 trillion is exchanged through the virtual platform.
On account of the above statistics, it means the sector is an industry that has vast benefits that can cascade to other downstream sectors of the economy.
“It is also good to have an association as this will allow the traders to work together with one vision and one goal.
