Special Economic Zones as an Engine of Regional Economic Development: the best Practices and Implications for Uzbekistan

Abstract

Special economic zones (SEZs) are considered as an effective tool to stimulate industrialization and structural transformation, but only when implemented properly in the right context. The aim of the paper is to review the existing practices of establishment of Special Economic Zones using the case successful countries including China, Korea, Singapore and the UAE and explain how they contribute for the development of regional economy. Moreover, the current paper provides the latest initiatives taken by the Uzbek government to establish Special Economic Zones as a main tool of foreign direct investment attraction and provides some recommendations for further improvement based on the successful practices. Special economic zones (SEZs) are booming around the globe. The zones can be effective tools to endorse economic development if applied properly in the right context. The aim of this paper is to give recommendations for the success of Uzbek SEZ based on the global experience of successful countries such as China, Korea and Singapore.