From UPSC perspective, the following things are important :
Prelims level : About the FTZ, Location details of Cote de Ivory
Mains level : India's trade relation with Africa
- The Mahatma Gandhi IT and Biotechnology Park in Cote d’Ivoire, a dedicated free trade zone built with India’s assistance to build development capacities, has been inaugurated.
Mahatma Gandhi IT and Biotechnology Park (MGIT-BP)
- MGIT-BP is a dedicated Free Trade Zone (FTZ) for IT and Biotechnology.
- The inauguration of the project is an important milestone in 150th anniversary celebration of birth anniversary of Mahatma Gandhi.
- The MGIT-BP is being built with India’s assistance through EXIM Bank Lines of Credit of USD 20 million.
- The MGIT-BP project consists of two parts firstly, architectural concept and design for the buildings of FTZ and construction of main building to host IT enterprises.
- It has Computer Assembly Plant, VSAT with Satellite Earth Station, Networking Lab, Human DNA Lab, Data Storage Area Network, an Audio-Visual Lab and a power generator.
What are FTZ?
- A free-trade zone (FTZ) is a class of special economic zone.
- It is a geographic area where goods may be landed, stored, handled, manufactured or reconfigured and re-exported under specific customs regulation and generally not subject to customs duty.
- Free trade zones are generally organized around major seaports, international airports, and national frontiers—areas with many geographic advantages for trade.
- The World Bank defines free trade zones as “in, duty-free areas, offering warehousing, storage, and distribution facilities for trade, transshipment, and re-export operations.”