HOW FREE TRADE WAREHOUSING ZONES ARE BOOSTING INDIA'S ECONOMIC LANDSCAPE?

In an exclusive interaction, Ranjit Ray, Vice President Economic Zones, Middle East, North Africa, and Subcontinent, DP World, delves into the benefits and challenges associated with Free Trade Warehousing Zones FT WZs) in India, focusing on how they enhance global trade, streamline logistics, and provide unique advantages to various industries.

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What are the key economic benefits that Free Trade Warehousing Zones (FTWZs) bring to India?

With external trade becoming an important part of the growth engine, both industrial and foreign trade policies are now intertwined. Given the increasing demand for FTAs with India, it is crucial to provide a conducive environment for foreign companies to operate here and for Indian companies abroad. Establishing and enhancing free trade zones is key to achieving this integration and economic growth.

At DP World, we have successfully developed three FTWZs across India: Nhava Sheva Business Park, Integrated Chennai Business Park (ICBP), and DP World Cochin Economic Zone. Businesses operating within FTWZs benefit from simplified regulatory advantages and robust infrastructure support. The ease of import and export processes is enhanced through single-window clearance, which streamlines documentation and approvals, saving valuable time.

Our FTWZs uniquely provide opportunities for foreign buyers and sellers to trade on the same platform as domestic buyers and sellers. This creates better options for Indian buyers, such as multiple sourcing options for raw materials, and offers a larger market for Indian sellers. As a result, Indian manufacturers gain access to more buyer options for finished goods, which were previously inaccessible.

How do FTWZs contribute to improving India's position in global trade?

FTWZs provide a favourable environment for foreign companies to operate in India. These zones offer various incentives such as duty deferment, simplified regulations, and better infrastructure, which attract foreign investment and boost economic growth.