StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Free Economic Zones in Transition Economies and Its Impact of Economic Development of a Country - Essay Example

Cite this document
Summary
However, there are areas where these trade barriers are not being enforced and these areas are called “free economic zones (FEZ)”. There may be about 43…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER98.5% of users find it useful
Free Economic Zones in Transition Economies and Its Impact of Economic Development of a Country
Read Text Preview

Extract of sample "Free Economic Zones in Transition Economies and Its Impact of Economic Development of a Country"

Download file to see previous pages

e areas of a certain national economy where the government has put up a special system of opportunities and benefits that are not available to other areas of the country.3 These zones are also referred to as “islands” or “windows” wherein foreign investments and technologies are presented to a country. They are an example of an “open door” policy.4 Another definition of FEZ presents it as a part of a country’s territory wherein goods are being looked at as something that does not fit the limits of national customs territory; thus, they are not under common customs control and taxation, according to the Kyoto Convention.

Hence, products being entered through the FEZs are not subjected to any trade barriers. The Ministry of Finance and Economy of Korea also gave their own definition, stating that FEZs are self-sufficient areas that provide wide-ranging services.5 Consequently, the Free Economic Zone Law defined FEZ with Article 23 as “the zone, which is developed with the aim of improving the business environment for foreign-invested enterprises and the living conditions for foreigners”. Thus, an FEZ is a special area where exceptional measures are practiced.

Moreover, it is a specific area which offers an optimal business and living environment to foreign investors and enterprises in order to draw high-end foreign industries and global services.6 FEZs are similarly known as free zone (FZ), free port (FP), customs free zone (CFZ), EPZ, foreign trade zone, free production zone (FPZ), FTZ, industrial free zone, tax free zone, customs free airport and foreign access zone.7 FEZs are also areas characterized as a part of a national economic area rather than a geographic territory where preferential economic conditions are being imposed with respect to entrepreneurs.

8 Thus, others regard FEZs as a means of selective reduction of the state’s power to interrupt with economic processes. FEZs are referred to as devices that are capable of

...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Free Economic Zones in Transition Economies and Its Impact of Economic Essay”, n.d.)
Retrieved from https://studentshare.org/miscellaneous/1547140-free-economic-zones-in-transition-economies-and-its-impact-of-economic-development-of-a-country
(Free Economic Zones in Transition Economies and Its Impact of Economic Essay)
https://studentshare.org/miscellaneous/1547140-free-economic-zones-in-transition-economies-and-its-impact-of-economic-development-of-a-country.
“Free Economic Zones in Transition Economies and Its Impact of Economic Essay”, n.d. https://studentshare.org/miscellaneous/1547140-free-economic-zones-in-transition-economies-and-its-impact-of-economic-development-of-a-country.
  • Cited: 0 times

CHECK THESE SAMPLES OF Free Economic Zones in Transition Economies and Its Impact of Economic Development of a Country

Chinese Economy

At this level, the impact of the planned economy and the change that it has brought into China has been impressive.... In the same way, the state could embark on global scale projects that would reduce the cost of production and at the same time could contain the inflation rate in the country as well.... Education and individual development were a part of the community target to ensure that the growth continued to exist.... The planning was for the communities and the individual was not considered for the economic study....
10 Pages (2500 words) Case Study

Economic developments in Germany and their impact on the EU economy

Economic integration is desired for the transfer of the benefit of economic development of one country to another.... The paper considers the economic development of Germany and its influence on the European Union.... hellip; The paper analysis is concentrated on the economic development of Germany.... (Czinkota, Rivoli, Ronkainen 1989: 14-16) Let us consider the economic development of Germany and its influence on the European Union....
7 Pages (1750 words) Essay

Economics And Economic Change

The impact of globalization on these countries renders environmental issues, social disputes, and immigration tendencies in them (Danacica, 2005).... It can be interpreted in terms of increasing wage inequality, or equality both within the country and on a global scale.... hellip; The Saudi Arabia government has a fixed exchange rate regime; the currency of the country, i.... In the country, foreign exchange is primarily in the hands of the government, and the Saudi Arabian Monetary Agency is in charge of fulfilling the foreign exchange requirements of the private firms and figures through the sale of dollars....
7 Pages (1750 words) Essay

Economic Reform Outcomes in China and Russia

This made it hard for the country to benefit from the technological advancements that were experienced in Europe, especially during the early stages of the reforms.... The paper “economic Reform Outcomes in China and Russia” concerns the reasons for choosing certain reform strategy by superpowers, the exchange rate policy for export promotion and foreign investment inflows, the dynamics of state privatization, and differences in the banking system management etc....
8 Pages (2000 words) Literature review

Analysis of the Trends of Economic Growth in Developing and Developed Nations

Economic growth or development has become a major concern within the global arena, considering the interplay prevailing between nations to gain international power.... Whenever, one examines the modern economy and traditional development, the process of growth in an economy can also be identified at large.... Economic growth is generally eminent from the development in the sphere of economics.... Contextually, the success rate of any nation is judged by its economic growth level....
16 Pages (4000 words) Essay

Chinas FDI and Extent of Transition to a Market Economy

Several business entities think of China as a haven for foreign direct investment (FDI) because of the amount of goods that leave the country and the capital inflows.... These areas will be the main areas of concern in the essay because they have been cited by several foreign investors in the country.... Graham and Spaulding (2005) describe foreign direct investment as the process by which a business entity from one country makes an investment in another country through physical assets or management interest in a foreign company....
12 Pages (3000 words) Essay

Key Structural Changes in the Economy and Society that Takes Place in a Developing Country

Cline, 1981) a country or a state may take these economic efforts to support its financial program from the international monetary fund or from any other source like the bilateral financial services.... This paper outlines economic development, global economic divide, globalization and economic growth, and features of technological progress.... lthough economic development in any country is generally associated with the higher input of income levels rising productivity may lead people to prefer an increased level of leisure activities than the increased income....
9 Pages (2250 words) Coursework

The Tension between Economic and Political Costs And Benefits of the Eastern Enlargement of the EU

Some experts may look at the convergence of many states into the EU as a progressive development for the allied future of the region- especially after the adoption of many central and eastern states as a part of the EU.... The costs posed to the east are of a different nature, the EU basic structure and architecture was primarily designed for nations with high Human development Indices (HDI), the lowered HDI rated nations may not find themselves very compatible with EU social security network systems and prosperous social democracies....
8 Pages (2000 words) Term Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us