India-assisted IT-biotech park inaugurated in Cote d’Ivoire

Mains Paper 3 : Effects Of Liberalization On The Economy, Changes In Industrial Policy and their effects on Industrial Growth |

Note4Students

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



News

  • 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.”
Trade Sector Updates – Falling Exports, TIES, MEIS, Foreign Trade Policy, etc.
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