What is export processing zone EPZ?

An Export Processing Zone (EPZ) is a Customs area where one is allowed to import plant, machinery, equipment and material for the manufacture of export goods under security, without payment of duty.

Where are export processing zones?

The zones are typically located in the vicinity of ports of air and sea, therefore making the import and export process more convenient. Companies do not require as much government approval for practices as firms outside of the zone, with labor laws being more flexible.

Why are export processing zones developed in Pakistan?

Export Processing Zones Authority is a Pakistan Government venture conceived and designed to increase and improve the exports of the country. Established in 1980, the EPZA is one of the fast-growing projects undertaken by the government and carries a great appeal for both local and overseas investors. …

What is EPZ Pakistan?

Export Processing Zones Authority (EPZA) is a Pakistan Government venture, conceived and designed to increase and improve the exports of the country.

What is the importance of export processing zone?

The main advantages of export-processing zones include tax incentives, lower land rentals, exemption of import, export and value-added taxes and reduced regulatory oversight in administrative and customs procedures.

What are the main objectives of export processing zones?

It identifies three main goals of export processing zones: provision of foreign exchange earnings; job creation, and income generation; and, attracts foreign direct investments, which enhances knowledge, and technology transfer.

What is the purpose of an export processing zone?

Export processing zones have three main goals. They are to provide a country with foreign exchange earnings by promoting nontraditional exports. They are to create jobs and generate income.

Are maquiladoras export processing zones?

These zones may carry different names — “Maquiladoras,” “Free Zones,” “Free Ports” or “Special Economic Zones,” but most if not all of them are about two things: tax and duty breaks and cheap, unorganised labour. According to the OECD, transnationals employ most of the workers in the world’s export processing zones.

What is export process?

Exports facilitate international trade and stimulate domestic economic activity by creating employment, production, and revenues. Businesses export goods and services where they have a competitive advantage.

What are the features of EPZ?

Features of Export Processing Zones includes easy access to railway station and airport, an environment that is pollution free with proper sewerage and drainage systems, and self- certification and simplification of procedures in the labor acts.

What is EPZ in Kenya?

The Export Processing Zones Authority was established in 1990, by the EPZ Act CAP 517, Laws of Kenya. The Authority’s mandate is to promote and facilitate export oriented investments and to develop an enabling environment for such investments.

Where was the first export processing zone EPZ located?

India was one of the first in Asia to recognize the effectiveness of the Export Processing Zone (EPZ) model in promoting exports, with Asia’s first EPZ set up in Kandla in 1965. Seven more zones were set up thereafter.