Trend of special economic zones in modern world

Trend of special economic zones in modern world: Special economic zone (SEZ) is commonly trend of modern economic zone in the world. Rules and policies for businesses and services differs from the rest of the country in this type economic zone in modern world.

Special economic zones are concentrated within a country's territory. Main goals of the economic zones are to increase trade and investment, to create employment opportunities and to ensure effective administration. Encouraging businesses to set up in the industrial units, liberalizing financial policies are generally considered. Policies are taken regarding investment, taxation, trading, quotas, customs and labor regulations. Eventually, enterprises enjoy tax holidays.

In modern world, inception of special economic zones by a particular country are basically desired to attract foreign direct investment (FDI). Investors are motivated by providing them industrial plots, financial and non-financial incentives and utility services to produce specialized products. Finished products are mostly exported in abroad.

The advantages the enterprises gets investing in a Special Economic Zones (SEZs) they are able to produce and trade products at a globally competitive price rate.

The policy for Special Economic Zone (SEZ) guides the following necessity:

a) Generation of additional economic activity.
b) Promotion of exports of goods and services.
c) Creation of employment opportunities.
d) Development of infrastructure facilities.
e) Promotion of investment from domestic and foreign sources.

The operating philosophy of an economic zone is defined by the particular country in this modern world. In many developing countries the economic zones are criticized to be the labor camps of developed countries like United States, United Kingdom, Canada, Netherlands, Germany, Italy, Brazil, China, Japan, and also India. In this context, labor rights are little bit ignored for workers. Developing countries like Bangladesh, Cambodia, Vietnam, Laos, Indonesia, Hongkong, Taiwan, Pakistan, Nigeria, South Africa ets. are trended to establish special economic zones in a greater volume.

Special industrial unit, government to government (G2G), government to business (G2B), government to consumer (G2C), consumer to consumer (C2C), business to business (B2B) etc. are common patterns of special economic zones in modern world.

Industrial Fire Safety in Bangladesh

Industrial Fire Safety in Bangladesh:

The industrial atmosphere in Bangladesh is not so standard as expected. Every year, enormous fire incidents are occurred in industrial arenas across the country. Most of the reasons are lack of awareness about fire incident, insufficient equipment for combating fire incident, lack of training and knowledge about fire drilling, less concern from the management of the industrial business units.

But, the scenario is different in export processing zones (EPZs) in Bangladesh. The authority of EPZs are always concerned about ensuring safety and security of enterprises and workers of it. Regular fire drilling programs are done by the industries.

So, it's urgent to take necessary steps by industrial platforms to ensure fire safety and security, especially in dry season, that can aid in keeping productive industrial environment in Bangladesh.

Industrial relation in export processing zone

Industrial relation is extensively practiced in export processing zone (EPZ). As an unique department industrial relation plays vital role in achieving goals of export processing zone in a country.

There are many functions of this division in EPZ. These are:
a) maintaining worker's safety and security,
b) ensuring wages and salary payment to the workers and employees,
c) monitoring leave and other benefits given to workers by top management,
d) provide training and knowledge about production
e) practicing rules and regulations about industries, factory, and export processing zones
f) making concern and aware of industrial hazards
g) managing passport, visa, and work permit to expatriates
h) maintain utility services for daily production
i) resolving workers grievance over management's decision
j) focusing on maximizing production capability
k) enhancing industrial growth
l) permitting export and import activities
m) ensuring hundred per cent (100%) social compliance

The above mentioned issue are highly considered by industrial relation. Few others are also taken due to changes of environment of business.

Social compliance is the overall management of industrial aspects relating to workers, management, production, export import, safety and security, labor law, industrial act, business policy, labor management, environmental safety, internal atmosphere of factory, health and hygienic approach of worker during production hour.

However, application of industrial relation is mostly prevalent in export processing zone. Demands of industrial relation in export processing zone (EPZ) is experiencing with research and development day by day. 

Global trend of Industrial Relation

Industrial Relation (IR) is one of the vital trend of global business and development of workers. It's the key to industrial growth and development which plays role in maximizing production. It's a key objective of industrial monsters across the world to pay attention on industrial relation.

Major focuses are on workers health and safety, social security, wages and salary payment, cultural and educational development, recreational facilities,  habitat management, enhancing awareness among workers and employees within the industrial belt or industrial area about vision, mission, objective and purpose of the enterprise.

Increasing wages and salary is merely symbol of industrial workers management. With the emergence of concept of industrial relation at the end of 19th century, theory of it has extended to export processing zones, economic zones, industrial belt in the world.

Actually, industrial relation is a journey to economic, social , environmental and cultural development of a particular country with the connection of rest of the world.

Industrial relation is composed of industry and its relation with the society. Developing business in society is main concentration of this. As a relation between employee and management, industrial relation related the integration of different parts of society.

There is also relation between industrial relation and international relation. Actually, international relation enhances the consistency of a country's modern industrial management and development. It connects global research and development, application of technology in financial management, capital management, human resource management.

Predominantly, the global aspect of industrial relation is vastly trended and day by day its era is being extended as complex issue. So, learning and practicing modern industrial relation is obviously required for society.

Welcome to global business trend

hello world, an welcoming message to all regarding the enterprise of enduring information about trend of global business. It's well known that world is tremendously competitive in every sector, specially in business era. Everything is product to people. People are consumer, people are product. So, treating the world business as inevitable segment for human being is highly considered.


This platform is ready to shake the though of people about global business and trend of it in every sector. So, it will be a great pleasure for us to be with global business trend (GBT).