In special economic zones [1] [2] business and trades laws differ from the rest of the country. The term, and a number of other terms, can have different specific meanings in different countries and publications. Often they have relaxed jurisdiction of customs or related national regulations. They can be ports or other large areas or smaller allocated areas.
Terms include free port (porto Franco), free zone (zona franca), bonded area (US: foreign-trade zone), free economic zone , free-trade zone , export processing zone and maquiladora .
Most commonly a free port is a special customs area or small customs territory with generally less strict customs regulations (or no customs duties or controls for transshipment). Earlier in history, some free ports like enjoyed political autonomy. Many international airports have free ports, though they tend to be called customs areas, customs zones, or international zones.
Although the enabling act came into effect in 1992, the pioneer Free Zone (the Calabar Free Trade Zone) was not fully completed until 1999, and commenced operation after official commissioning in November 2001. Since then, the Free Zones Scheme has been used as a vehicle for industrial and commercial development of the country. Private Sector participation and partnership with the Federal Government and other tiers of government has helped spread the scheme. This has culminated in the establishment of specialised Free Zones and other types of Zones, namely:
Serial Number | Name | Location | Status | Ownership |
---|---|---|---|---|
1 | Snake Island Integrated Free Zone | Lagos | Operational | Private |
2 | Kano Free Trade Zone (KFTZ) | Kano State | Operational | Fed. Govt. |
3 | Onne oil & Gas Free Zone | River State | Operational | Under Parallel Authority |
4 | Tinapa Free Zone & Tourism Resort | CRS | Operational | Private/Public |
5 | Calabar Free Trade Zone (CFTZ) | CRS | Operational | Fed. Govt. |
6 | Maigatari Border Free Zone | Jigawa State | Operational | State |
7 | LADOL Free Zone | Lagos | Operational | Private |
8 | Airline Services Export Proc. Zone | Lagos State | Operational | Private |
9 | ALSCON Export Processing Zone | Akwa Ibon | Operational | Private |
10 | Ogun Guangdong Free Trade Zone | Ogun State | Operational | Public/ Private |
11 | Sebore Farms Export Processing Zones | Adamawa State | Operational | Private |
12 | Ibom Science & Tech. Park Free Zone | Akwa Ibom | Under Cons. | Public/Private |
13 | Living Spring Free Zone | Osun State | Under Cons. | State |
14 | Lekki Free Zone | Lagos State | Under Cons. | State/ Private |
15 | Brass LNG Free Zone | Bayelsa | Under Cons. | Public/Private |
16 | Abuja Technological Village Free Zone | Abuja | Under Cons. | Public/Private |
17 | Specialized Railway Industrial FTZ - Kajola | Ogun State | Under Cons. | Public/Private |
18 | Imo Guangdong FTZ | Imo State | Under Cons. | Public/Private |
19 | OK Free Trade Zone | Ondo & Ogun | Under Cons. | States/ Private |
20 | Lagos Free Zone | Lagos State | Under Cons. | Private |
21 | Kwara Free Zone | Kwara State | Declaration | State Govt. |
22 | Oluyole Free Trade Zone | Oyo State | Declaration | State Govt. |
23 | Koko Free Trade Zone | Delta State | Declaration | State Govt. |
24 | OILSS Logistics Free Zone | Lagos | Declaration | Private |
25 | Banki Border Free Zone | Borno State | Declaration | State |
26 | NAHCO Free Trade Zone | Lagos State | Operational | Private |
The introduction of free zones has played a large role in increasing the amount of investment into Nigeria. When all the free zones are fully operational, Nigeria is projected to play a large role in expanding export-driven manufacturing activities in Africa. [3]
SN | Name | Province | Foundation date |
---|---|---|---|
1 | Mersin Free Zone | Mersin | 1987 |
2 | Antalya Free Zone | Antalya | 1987 |
3 | Aegean Free Zone | İzmir | 1990 |
4 | Istanbul Atatürk Airport Free Zone | Istanbul | 1990 |
5 | Trabzon Free Zone | Trabzon | 1992 |
6 | Istanbul Leather Industry Free Zone | Istanbul | 1995 |
7 | East Anatolia Free Zone | Erzurum | 1995 |
8 | Mardin Free Zone | Mardin | 1995 |
9 | Istanbul Stock Exchange Free Zone (İMKB) | Istanbul | 1997 |
10 | İzmir Menemen Leather Free Zone | İzmir (Menemen) | 1998 |
11 | Rize Free Zone | Rize | 1998 |
12 | Samsun Free Zone | Samsun | 1998 |
13 | Istanbul Tracia Free Zone | Istanbul | 1998 |
14 | Kayseri Free Zone | Kayseri | 1998 |
15 | Adana Yumurtalık Free Zone | Adana (Yumurtalık) | 1998 |
16 | European Free Zone | Tekirdağ (Çorlu) | 1999 |
17 | Gaziantep Free Zone | Gaziantep | 1999 |
18 | Bursa Free Zone | Bursa | 2001 |
19 | Kocaeli Free Zone | Kocaeli | 2001 |
20 | Denizli Free Zone | Denizli | 2002 |
21 | Tubitak Free Zone | Kocaeli (Gebze) | 2002 |
European Union free zones: [7]
|
|
Тechnological–Industrial Development Zones (TIDZs) [15]
Serbia has 14 free economic zones as of September 2017; [18] these are: [18]
| GibraltarIsle of Man
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Ley 19640: Área Aduanera Especial para la Isla Grande de la Tierra del Fuego
Ley 24331: Zonas Francas (de Argentina)
Foreign trade zones: [25]
Hong Kong has a highly developed transport network, encompassing both public and private transport. Based on Hong Kong Government's Travel Characteristics Survey, over 90% of daily journeys are on public transport, the highest rate in the world. However, in 2014 the Transport Advisory Committee, which advises the Government on transportation issues, issued a report on the much-worsened congestion problem in Hong Kong and pointed at the excessive growth of private cars during the past 10–15 years.
A special economic zone (SEZ) is an area in which the business and trade laws are different from the rest of the country. SEZs are located within a country's national borders, and their aims include increasing trade balance, employment, increased investment, job creation and effective administration. To encourage businesses to set up in the zone, financial policies are introduced. These policies typically encompass investing, taxation, trading, quotas, customs and labour regulations. Additionally, companies may be offered tax holidays, where upon establishing themselves in a zone, they are granted a period of lower taxation.
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A free-trade zone (FTZ) is a class of special economic zone. It is a geographic area where goods may be imported, stored, handled, manufactured, or reconfigured and re-exported under specific customs regulation and generally not subject to customs duty. Free trade zones are generally organized around major seaports, international airports, and national frontiers—areas with many geographic advantages for trade.
Free economic zones (FEZ), free economic territories (FETs) or free zones (FZ) are a class of special economic zone (SEZ) designated by the trade and commerce administrations of various countries. The term is used to designate areas in which companies are taxed very lightly or not at all to encourage economic activity. The taxation rules and duties are determined by each country. The World Trade Organization (WTO) Agreement on Subsidies and Countervailing Measures (SCM) has content on the conditions and benefits of free zones.
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