AMRL SPECIAL ECONOMIC ZONE Advantages of Private Special Economic Zone Special Economic Zones, commonly referred to as SEZs is a generic term that has been assigned to any modern economic zone. The focus of SEZs is the promotion of industrialization and economic growth through sustainable development. It is important to note that the business and trade laws within these SEZs differ from the rest of the country, to encourage business participation within the zone, financially libertarian policies are introduced. These policies typically regard investing, taxation, quotas, customs and labour regulations. SEZs attract Foreign Direct Investment (FDI) which is a major incentive for the host country, like India for example. The participating companies gain by being in a SEZ, meaning it can produce and trade goods at a globally competitive price. The major aims of these SEZs in India are: •
Improved generation of economic activity.
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Promoting the export of goods and services from the host country.
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Attract investment from Domestic and Foreign sources, especially FDI.
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Increased employment opportunities for Indian nationals.
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Development of infrastructure facilities.
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Simplified procedures for development, operation and maintenance of the SEZ and for setting up units and conducting business.
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Single window clearance for setting up of a SEZ and a unit within the SEZ.
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Single window clearance on matters relating to Central as well as State Governments.
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Easy and simplified compliance procedures and documentations with stress on self certifications.
Business Units operating within the SEZs in India have several advantages listed below:
1. 10 year tax holiday for business units.