PARTICIPATION OF FREE ECONOMIC ZONES IN THE WORLD ECONOMY AND THEIR ROLE IN THE ECONOMY OF DEVELOPING COUNTRIES
Keywords:
Free economic zones, international economy, economic growth, FEZ, production, industrial enterprisesAbstract
The participation of free economic zones (FEZs) in the global economy has become increasingly significant, particularly in the context of developing countries, where they serve as catalysts for economic growth and diversification. In 2022, there were approximately 5,000 FEZs worldwide, contributing to over $1 trillion in global trade and attracting foreign direct investment (FDI) that exceeded $200 billion. These zones have been instrumental in creating jobs, with estimates suggesting that they generated around 10 million direct employment opportunities across various sectors. In developing nations, FEZs have played a crucial role by providing an environment conducive to industrialization and export-oriented growth; for instance, countries like Vietnam and Bangladesh have seen their manufacturing sectors expand significantly due to the establishment of such zones.
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