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Which one of the following countries in Asia established the first Export Processing Zone (EPZ) in 1965?

Which one of the following countries in Asia established the first Export Processing Zone (EPZ) in 1965? Correct Answer India

The correct answer is India.

  • India was one of the first countries in Asia to recognize the effectiveness of the Export Processing Zone (EPZ) model in promoting exports, with Asia's first EPZ set up in Kandla in 1965.
  • With a view to attract larger foreign investments in India, the Special Economic Zones (SEZs) Policy was announced in April 2000.
  • The Special Economic Zones Act was passed by the Government of India in May 2005, it received Presidential assent on the 23rd of June, 2005.
  • An export processing zone, or EPZ, is an area set up to enhance commercial and industrial exports by encouraging economic growth through investment from foreign entities.
  • Incentives such as tax exemptions and a barrier-free environment are the main attractions of an EPZ. 
  • The main goals and benefits of an EPZ are growth from foreign exchange earnings through nontraditional exports, creation of jobs to assist in income generation and develop labour skillsets, the attraction of direct foreign investment, and fostering of transfer of technology.

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