Objectives of Export processing zones (EPZ)
Export processing zones (EPZs) are areas within developing countries that offer incentives and a barrier-free environment to promote economic growth by attracting foreign investment for export-oriented production.
The Export processing zones are established to strengthening the exporting business of the country. EPZ is involved to increase the exporting probability in the international market, with the objective of achieving the desired economic growth. The other main objectives of EPZ can be summarized as follows:
- Pronging rapid industrialization in the country
- Increasing export earnings
- Expanding the use of advanced technology
- Enhancing the employment rate and thus improving the standard of living
- Broadening the scope of foreign direct investment
- Establishing the assembling industry
- Attracting the investment of immigrants to the domestic market
- Creating the proper use of human and the non-human resources of the country
- Increasing reputation and demand of the national products in the foreign countries
- Arrangement of more foreign exchange
- Increasing the labor and management skills of the people of the country
- Bringing an infrastructural development to the entire country
- Improving the strong relationship with the other countries
- Joining to the globalize international market to get the advanced marketing facilities and to achieve the great commercial benefit.
To make the economic condition of the country stronger, the necessity of achieving of above objectives is needed not to be described. But the EPZ should be faster forward regarding the modem goal achievement.