|
The instruments of Economic Zones by worldwide as specifically in Kazakhstan
PhD of TSUOS: Mehri Khasanova
Student of TSUOS: Azizbek Abdurakhmanov
A special economic zone (SEZ) is an area in a country that is subject to different economic regulations than other regions within the same country. The SEZ economic regulations tend to be conducive to—and attract—foreign direct investment (FDI). FDI refers to any investment made by a firm or individual in one country into business interests located in another country.
When a country or individual conducts business in an SEZ, there are typically additional economic advantages for them, including tax incentives and the opportunity to pay lower tariffs.
A special economic zone (SEZ) is an area in a country that is subject to different economic regulations than other regions within the same country.
The economic regulations of special economic zones (SEZs) tend to be conducive to—and attract—foreign direct investment (FDI).
Special economic zones (SEZs) are typically created in order to facilitate rapid economic growth by leveraging tax incentives to attract foreign investment and spark technological advancement.
While many countries have set up special economic zones (SEZs), China has been the most successful in using SEZs to attract foreign capital.
SEZs are usually created in order to facilitate rapid economic growth in certain geographic regions. This economic growth is accomplished by leveraging tax incentives as a way of attracting foreign dollars and technological advancement.
SEZs may also increase export levels for the implementing country and other countries that supply it with intermediate products. However, there is a risk that countries may abuse the system and use it to retain protectionist barriers (in the form of taxes and fees). SEZs can also create a high level of bureaucracy due to their regulatory requirements. This can have the effect of funneling money away from the system, making it less efficient.
While there are benefits for businesses, individuals, or entities operating within an SEZ, the macroeconomic and socioeconomic benefits for a country using an SEZ strategy are subject to debate.
In Uzbekistan, Special economic zones are formed on the basis of empty and inactive objects of state property, territories of administrative-territorial formations, as well as on non-agricultural lands.
State property located in the territory of the special economic zone, with the exception of strategic state property that is not subject to privatization, may, by decision of local executive authorities, within the limits of their competence, directorate of the special economic zone be assigned to operational management in agreement with the authorized body for state assets.
Objects of state ownership are provided by the directorate of the special economic zone for operational management for the entire period of functioning of the special economic zone.
The administrative council of the special economic zone has the right to decide on the sale, including at “zero” redemption value, with the adoption of investment obligations, empty and inactive state property located in the special economic zone, to participants in the special economic zone.
The strategic framework needs to address the situation. It must take into account the opportunities and challenges emerging in the global and regional contexts. The new strategic framework is based on six pillars to exploit the full potential of economic zones.
In late industrialized countries, rapid development or application of technological change becomes necessary to catch up with the early industrializers to bridge the technological gap. The more backward a country’s economy is and the later it embarks on industrialization, the more acute is the need for acceleration of growth in technological capacity, capital accumulation, and socioeconomic and institutional change.
One important advantage of late industrializers is the availability of not only foreign technology but also other foreign resources, skills, and capital in the form of FDI. The proliferation of GVCs has opened enormous possibilities of tapping into these resources. In this era of globalization when it is becoming increasingly difficult to build industrial capabilities and across the full range of activity, countries can insert themselves in GVCs and specialize in a single stage of production, depending upon competitive advantage, and then upgrade themselves.
Figure1. Strategic Framework for Economic Zones in Kazakhstan: Six Pillars1
While GVCs are proliferating, the focus is now shifting to RVCs and cross-border chains, with regional trading agreements multiplying. The new strategic framework is an attempt to harness the power of SEZs to leverage the opportunities presented by the proliferation of value chains at different levels.
This requires a shift from an investment-based approach of economic zones to a development oriented approach, and from small-sized economic zones to large cluster-based economic zones that can create critical mass of activity. Success is contingent upon the ability of zones to attract investment, ability of economic zones to generate spillover effects, and ability of the authority to implement the strategy effectively while being in full compliance with WTO obligations.
Do'stlaringiz bilan baham: | 
