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Special Economic Zone
Special Economic Zones are generally also referred to as the modern economic zones. They are geographical regions that are set aside at strategic points in countries or districts and have different economic laws from the rest of the country. SEZ has been used by many nations as a development tool. It has helped the growth of foreign investments as the trade laws are favorable. The standard policies in the zones that attract investors in the areas include tax holidays, government incentives, reduced taxes, customs and labor laws. These lenient laws allow for growth of business in the zones. In most countries, the areas are located along the borders. All these factors promote business in the areas and there are very lucrative and competitive product prices in the regions. This helps the country grow. Many countries like China are believed to have grown because of the special economic zones.
Advantages of Special Economic Zones to a Country
Today it is believed that the third world Countries can cut the time required to get to rapid economic growth by half if they place SEZ in their development plans. First the zones create a significant opportunity for employment. Relaxed taxation will allow for growth of relevant companies. This will lead to the need for labor and thus many people will get employed. This will increase people’s incomes and many investments will be done in the region and the rest parts of the country. Custom laws will also lead to rise in the export and import. Many foreign investors will be attracted to invest in the SEZs leading to tremendous industrial and manufacturing sectors. This will increase the export rates and thus earn the country a lot of foreign currencies. These zones result in the growth of infrastructure and other social amenities. The companies investing in the areas will invest a lot in facilities that are needed by the workers in the area.
Drawbacks of these Zones
First, it is crucial to locate these areas strategically and with development plans in mind. If they are situated in an improper manner, they will lead to unbalanced growth in a country. The SEZs have also been seen by many as a way of taking agricultural land from the people in an unfair manner. Production of agricultural products is on the decrease as many people have shifted to manufacturing industries to provide the much-required labor. Some zones have abolished the international labor laws and have left the employees exposed to the hostile company policies.