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This report by the Climate Policy Initiative (CPI) and PUC-Rio analyzes whether the tax exemptions provided by the Manaus Free Trade Zone (ZFM) have improved the productive and energy efficiency of industries in the region compared to the rest of Brazil between 2003 and 2015. The study concludes that despite significant fiscal incentives, there is no evidence of efficiency gains at either the aggregate or sectoral levels.

This report by the Climate Policy Initiative (CPI) analyzes whether the tax incentives provided to the Zona Franca de Manaus (ZFM) have improved the productive and energy efficiency of its industries compared to the rest of Brazil between 2003 and 2015. The study concludes that despite significant tax expenditures, there is no evidence that these incentives have increased efficiency, even in the region's most prominent industrial sectors.