Question

what are SEZs????
plz answer it

Answer 1

A special economic zone is an area in which business and trade laws are different from the rest of the country.

Answer 2

Hyyyy Mate

${\huge \boxed {\blue {Here\: Is\: YourAns}}}$

$<a><b><i>$

❤️❤️_______✍️✍️_______❤️❤️

A Special Economic Zone(SEZ) is an economic region in a country which is created for the purpose of promoting manufacturing exports and economic development through a wide variety of special exemptions, relating to taxes, quotas, customs and even labor regulations in some cases. In other words, the economic laws in this zone vary from the laws of the country as a whole.

✔️These special exemptions have gained a great deal of importance for several developing countries to attract more investments because many have very complicated procedures to do business otherwise. Modern SEZs appeared in about 1950s and gained prominence in Latin America and East Asia in 1970s as a means to attract MNCs to their countries.

❇️❇️❇️❇️❇️❇️❇️❇️❇️❇️

✳️Types of SEZ✳️

1) Free Trade Zones/Free Port - Goods can be traded, handled, landed, manufactured without intervention of customs authority. They are usually located at entry ports. First started in Ireland in 1959 (Shannon Free Zone)

2) Export Processing Zones - These are set up specially by governments to promote industrial and commercial exports.

3) Industrial Parks - It is an area specially zoned for economic development and is usually located on the fringes of a city. The idea is to provide infrastructure all in one place with heavy access to transport facilities.

4) Bonded Logistic Park - It is a special zone where goods may be stored, manipulated and undergo manufacturing operations without payment of duty. These are similar to free trade zones, except they may or may not have port facilities.

5) Urban Enterprise Zone - A special area in urban locations, especially under-developed neighborhoods where companies can set-up with tax relief offered.

Many of the above terms are used under the broad umbrella of SEZs and often inter-changeably in some countries.

Countries where SEZs prevail today - India, China, Bangladesh, Russia, North Korea, South Korea, Iran, Jamaica, Greece etc to name a few.

✌️✌️______________✔️✔️✔️✔️✔️

$<marquee >$

$\large{\red{\boxed{\mathbb{Hope\: It\: Helps}}}}$

❤️
✳️✳️
❤️❤️❤️
✳️✳️✳️✳️
❤️❤️❤️❤️❤️
✳️✳️✳️✳️✳️✳️
❤️❤️❤️❤️❤️❤️❤️
✳️✳️✳️✳️✳️✳️✳️✳️


Thanks for
⭕️Kiran prajapati⭕️