Sao Tome, Sao Tome and Principe, 19 Oct – The government of Sao Tome and Principe decided to close down the Duty Free Areas Authority, a government spokesman said Monday in Sao Tome explaining the decision by saying that the results achieved had far from met expectations.
The government spokesman and secretary of State Abnildo de Oliveira said that the decision to bring an end to the activities of the Duty Free Areas Authority was made at a Council of Ministers meeting due to the poor results achieved in attracting foreign investment.
The mission of the Duty Free Areas Authority, which was set up in 2004, was to promote trade and services activities through support facilities at Sao tome’s international airport as well as supporting oil and sea navigation activities on the island of Principe for regions in that African sub-region.
As well as offshore business centres, the Duty Free Area also had a French private investment project, via Terminal Link, for construction of a deep water port costing an estimated US$400 million, as well as four hotel units to accommodate services teams for oil rigs in the sub-region. (macauhub)