What is freezone?

A freezone, also known as a free trade zone or special economic zone, is an area within a country that has different economic regulations and policies than the rest of the country. These zones are established by countries to attract foreign investment and promote economic development.

In a freezone, businesses are given certain benefits such as exemptions from customs duties, taxes, and other fees for importing and exporting goods. They are also permitted to operate without the same level of bureaucracy or regulations as in the rest of the country.

Freezones can be found in many different countries around the world, including the United Arab Emirates, Singapore, and China. They are often established in areas with strategic locations, such as near ports or airports, to facilitate trade.

Some of the industries that commonly operate in freezones are logistics, manufacturing, information technology, and services. These zones also often serve as hubs for innovation and research and development, due to the relaxed regulatory environment.

Overall, freezones provide businesses with an opportunity to set up operations with reduced costs, increased efficiency, and access to new markets.