Promoting Dynamic & Innovative Growth in Asia : The Cases of Special Economic Zones and Business Hubs

Around the world, there are 4,300 special economic zones throughout more than 130 countries: the zones in Asian countries have been quite successful, while on the other hand, those of Africa and some other countries have not performed well so far. In particular, some special economic zones and business hubs in Asian countries such as South Korea, China, Hong Kong and Singapore, as well as Dubai, have been quite successful in terms of innovative and dynamic economic growth. Not all of the zones in the countries were successful: some of those have been recognized as “white elephants.” As successful cases receive more and more attention, there has been a steady increase in the need to learn the secret of success from these cases, in terms of policy implications. This paper was designed to fulfill these needs, and especially to be a fine policy guidebook for developing countries which will introduce special economic zones as a way to boost their economies in the near future