Many scholars and papers articulate a myriad of objectives for creating an economic zone.
As an extraction of many years of experience and interaction with many practitioners, there are four key rationales:
- Attracting Foreign Direct Investment (FDI)
- Generate Employment Opportunities
- Supporting a Wider Economic Reform Strategy
- Experimental Incubation for New Policies and Systems
While attracting foreign direct investment and generating employment opportunities are obvious, logical and important reasons. What sometimes are overlooked are the other two rationales; supporting a wider economic reform and experimental incubation for new polices and systems.
Because Economic Zones tend to be developed within an enclave outside the jurisdiction of main economy, it has a propensity and a safer environment to experiment with new policies and systems. Instead of issuing a laminated/physical license or an ID card, our solutions produce electronic licenses. We leverage technology to the maximum benefit, where all systems and policies are structured taking this into account. Once proven successful it can be embraced by the wider economy for future growth.
