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New law on special economic zone
By agencies
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Friday, 11 February 2005, 20:30 IST
NEW DELHI:Commerce Minister Kamal Nath today said India would enact a law on special economic zones to revive the manufacturing sector in the Country.
He said the law would not only boost export but also attract foreign investment.
"But foreign direct investment can be attracted only if foreign investors see a law in place, indicating a stable statutory policy," the minister said adding exports from the 850 special economic zones in 116 countries amounted to more than $1 trillion, or 15 percent of the global trade, creating some 40 million additional jobs.
"China and Dubai have been even more successful in targeting foreign investment mainly due to their policies on special economic zones," he said.
Within 20 years, Kamal Nath said, manufacturing exports from Malaysia increased from 18 percent to 73 percent, Thailand from 24 percent to 74 percent, Mauritius from 26 percent to 66 percent and China from 51 percent to 82 percent.
In India, on the other hand, there are over 700 such units in operation that export goods worth $3 billion - five percent of the total - and provide direct employment to about 100,000 persons, of whom 40 percent are women.