Developing Countries Around The Globe Continuously Extensively Special Economic Zones ( Sezs )

Developing Countries Around The Globe Continuously Extensively Special Economic Zones ( Sezs )

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Countries around the globe have continuously utilized Special Economic Zones (SEZs) as a way to create a unique environment in their national territories to foment their economy. SEZs are specific areas in a country that have different rules and regulations than the rest of the country in regards to taxes, labor laws, investment conditions, customs, and trade. These areas differ a lot from country to country due to a variety of factors. The political and economic environment of a country highly affects the creation and development of SEZs, as more “unstable” countries will have a harder time establishing successful SEZ’s because of the difficulties that may arise when attracting investors willing to engage in Foreign Direct Investment (FDI). Countries like Honduras and Bangladesh have experimented with a unique type of zones called Exporting Processing Zones (EPZs), which focus on manufacturing for exporting. In the case of the aforementioned countries, both of their EPZs were heavily reliant on the garment industry. Other countries like China have many successful SEZs up and running, so they will face less difficulties than other countries. China also has many domestic firms that are prone to investing in their SEZs, therefore facilitating investment. SEZs offer countries an opportunity to experiment with different policies in a controlled environment, which can serve as a lesson for the future, be it for other SEZs or for the economy as a whole. However, there are many factors that can influence the success or failure of a SEZ, be it for the zone itself or for the economy. Analyzing the history of different SEZs around the globe allows for a better understanding of how countries can leverage these zones for the betterment of the...

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...gladesh. Factors that contributed to Honduras’ successful EPZ program include “a willingness to evolve the legal framework for the program; effective use of preferential trade agreements; government support to develop the necessary infrastructure and support services for the zones; support for agglomeration; effective institutional support, particularly in marketing and promotion; and, most important, a dynamic, entrepreneurial domestic private sector” (CITE). The synergy of these factors resulted in success for the Honduran EPZ. In order for this success to be sustained in the years to come, Honduras needs to update policies that allow for innovation. In maintaining its current model, the country risks facing decline in the key areas for which the EPZ program was set in place: employment, investment, and exports. In order to assess this risk, Honduras must focus on

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