Special economic zones as a factor of modern global economy

Abstract

Purpose: the article deals with the assessment of modern practice of functioning of special economic zones and identification of measures aimed at increasing their effectiveness. Discussion: special economic zones are instruments of economic development that promote rapid economic growth through the use of tax and business incentives to attract foreign investment and technology. The SEZ boom is part of a new global wave of industrial policy and a response to the growing competition for international mobility. There are many new types of SEZs and programs for the development of innovative zones. Some focus on new industries, such as high technology, financial services or tourism. The special economic zone serves as a specific catalyst for the dynamic development of the regional economy, contributing to the accelerated economic growth of the territory. Results: the authors reveal the role of the state in increasing the efficiency of creation of the SEZs. The article also contains the disclosure of the determinants of the success and failure of the SEZ, the analysis of the features of taxation in special economic zones. The identified weaknesses determine the need for careful monitoring and evaluation of SEZs to increase their productivity in order to maximize their potential.