Free Trade Zones have a proven track record of attracting investment, fostering trade, and driving economic growth. By offering businesses a range of benefits, such as duty and tax exemptions, streamlined customs procedures, access to global markets, and lower operating costs, FTZs have become an integral part of the global trade landscape. As governments continue to establish and expand FTZs, businesses worldwide will have even more opportunities to access new markets, streamline operations, and stimulate economic growth.
A Free Trade Zone, also known as a Special Economic Zone or an Export Processing Zone, is an area designated within a country where goods can be imported, stored, processed, and re-exported with minimal or no customs duties, taxes, or regulatory restrictions. FTZs are often established near ports, airports, or other strategic locations to facilitate easy movement of goods and reduce transportation costs.
FTZs offer a range of advantages for businesses, including: