Tuesday, 7 October 2008

Special Economic Zone will replace Free Trade Zone

The Special Economic Zone (KEK) concept is designed to replace the Free Trade Zone (FTZ). The design to attract foreign investors on the KEK is more comprehensive than the FTZ. Bambang Susantono from the Coordinating Ministry for economic affairs said that KEK will be automatically replacing the FTZ. One of advantage points of the KEK is the seven exclusive zones that could be built matched to its classification. They are techno park zone, export processing zone, logistics zone, industrial zone, and other economic zones. Each zone will have special facility in line with its classification, for example, industry that is located at the export processing zone will receive a higher reduction on the export duty compared to other zones.

No comments: