Dear friends this is the new program ASpecial Economic zone(SEZ) is a geographical region that is designed to export goods and provide employment. SEZs are exempt from federal laws regarding taxes, quotas, FDI-bans, labour laws and other restrictive laws in order to make the goods manufactured in the SEZ at a globally competitive price. The category SEZ includes free trade zones(FTZ), export processing Zones (EPZ), free Zones (FZ), industrial parksor industrial estates (IE), free ports, free economic zones, and urban enterprise zones. Bangladesh Several Export Processing Zones, or EPZs, have been established across Bangladesh since the 1980s, and the government plans to establish eight new special economic zones. In 2010, FDi magazineranked Chittagong EPZ as one of best competitive special economic zones in the world. See: Bangladesh Export Processing Zone Authority Belarus *.The China-Belarus Industrial Park Cayman Islands A fully operational Cayman Enterprise City officially launched on Friday, 3 February 2012. China Main article: Special Economic Zones of the Peoples Republic of China Currently, the most prominent SEZs in the country are Shenzhen, Xiamen, Shantou, and Zhuhai. It is notable that Shenzhen, Shantou, and Zhuhai are all in Guangdong province, and all are on the southern coast of China where sea is very accessible for transportation of goods. An analysis of the performance of these SEZs in China versus those in India in liberalizing the Chinese and Indian economies and their impact on economic growth was conducted by Leong (2012). This paper investigates the role of special economic zones (SEZs) . The policy change to a more liberalized economy is identified using SEZ variables as instrumental variables. The results indicate that export and FDI growth have positive and statistically significant effects on economic growth in these countries. The presence of SEZs increases regional growth but increasing the number of SEZs has negligible effect on growth. The key to faster economic growth appears to be a greater pace of liberalization. Democratic Republic of the Congo Democratic Republic of the Congoplans to build its first Special Economic Zone in the Kinshasa district of NSélé. The SEZ would be operative in 2012 and dedicated to agro-industries. [ 1 ] Greece The Germangovernment is pushing for the creation of special economic zones in Greeceand other European countries with struggling economies. [ 2 ] Egypt Suez Special Economic Zone(SSEZ) is located at the Red Sea, 45 km south of Suez. It is served by Sokhnaharbour. [ 3 ]A Chinese SEZ is constructed in Egypt. Ethiopia A Chinese SEZ is constructed in Ethiopia. India Main article: List of Special Economic Zones in India A view of one of the IT blocks of Infosys Ltd in the Mahindra World Citysituated in Chennai. States such as Tamil Naduand Haryanaare housing a number of under construction SEZ projects. India was one of the first countries in Asia to recognize the effectiveness of the Export Processing Zone (EPZ) model in promoting exports, with Asias first EPZ set up in Kandla in 1965. In order to overcome the shortcomings experienced on account of the multiplicity of controls and clearances; absence of world-class infrastructure, and an unstable fiscal regime and with a view to attract larger foreign investments in India, the Special Economic Zones (SEZs) Policy was announced in April 2000. The SEZ Act, 2005, was an important bill to be passed by the Government of India in order to instill confidence in investors and signal the Governments commitment to a stable SEZ policy regime and with a view to impart stability to the SEZ regime thereby generating greater economic activity and employment through their establishment, a comprehensive draft SEZ Bill prepared after extensive discussions with the stakeholders. A number of meetings were held in various parts of the country both by the Minister for Commerce and Industry as well as senior officials for this purpose. The Special Economic Zones Act, 2005, was passed by Parliament in May, 2005 which received Presidential assent on the 23rd of June, 2005. The draft SEZ Rules were widely discussed and put on the website of the Department of Commerce offering suggestions/comments. Around 800 suggestions were received on the draft rules. After extensive consultations, the SEZ Act, 2005, supported by SEZ Rules, came into effect on 10 February 2006, providing for drastic simplification of procedures and for single window clearance on matters relating to central as well as state governments. The remaining part of India, not covered by the SEZ Rules, is known as the Domestic tariff area. Exports from Indian SEZ totalled INR 2.2 Trillion in 2009-10 fiscal. It grew by a stupendous 43% to reach INR 3.16 Trillion in 2010-11 fiscal. Indian SEZs have created over 840,000 jobs as of 2010-11. Despite all odds, exports through Indian SEZs grew further by 15.4% to reach INR 3.64 Trillion (roughly US$ 66 billion).
Posted on: Mon, 04 Nov 2013 16:10:58 +0000
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