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To explain in simple terms, a special economic zone (SEZ) is a territorial region that has its economic and other rules that are free-market inclined than being specific to any country/national law. SEZ includes export processing zones (EPZ), free trade zones (FTZ), free zones (FZ), industrial parks or industrial estates (IE), free economic zones, free ports, urban enterprise zones and much more. The primary objective of a SEZ is to capitalize on the foreign direct investments by foreign investors, mostly international business or MNC’s, to develop the industrial infrastructure and maximize employment. Moving continuously on the way to make an atmosphere conducive for global trade and investment, Karnataka has been one of the most proactive states in initiating fruitful ventures and activities on the SEZ front. Furthermore, the Karnataka Government too has been efficient in generating growth and expansion through Karnataka SEZ’s at multiple locations all over the state. Some of the names that deserve mention are as follows: * Sector Specific SEZ for Pharma & Biotechnology at Hassan * Sector Specific SEZ for Food Processing and Agro-based industries at Hassan * Sector specific textile SEZ at Hassan * IT SEZ at Mangalore * Coastal SEZ at Mangalore The proactive initiatives taken by the Karnataka Government has encouraged the SEZ establishment in the IT, ITES, apparel, petrochemicals, through both private and public activities. Furthermore, Karnataka has also witnessed SEZ developments in the engineering and manufacturing services vertical, with global companies specializing in aero and industrial engineering services investing in SEZ units. Global engineering firms specializing in industrial manufacturing and designing have forayed into the Aerospace Precision Engineering and Manufacturing Special Economic Zone. These companies being market players follow evolved globalization practices that range from design to manufacturing, understanding the gaps in terms of infrastructure, economics, bottlenecks, skilled manpower and regulatory approvals. Karnataka’s first Aerospace Precision Engineering and Manufacturing SEZ, spans across 300 acres in Belgaum. This unit is all set to bring out the best in aerospace precision engineering and manufacturing supply chain ecosystem. The unit provides comprehensive “design to build” services from the stage of concept design to the final product. Furthermore, this Karnataka SEZ unit also provides all round assistance for the aerospace engineering vertical. Global and Indian SEZ ventures undertaken by engineering outsourcing companies with their tax incentives and benefits have been gaining ample foreign direct investments in India. Investors also have the scope to work hand in hand with global engineering market players. Over the past few years SEZ initiatives have increased the employment base in India and also resulted in overall industrial and economic development. Related links: aerospace product and parts manufacturing, engineering services
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