Latest news with #SEZ
Mid East Info
3 days ago
- Business
- Mid East Info
Dubai's Omining unveils first African Site in Kenya's Special Economic Zone - Middle East Business News and Information
Dubai's Omining unveils first African Site in Kenya's Special Economic Zone The DMCC-registered firm brings operational capacity and long-term planning to East Africa June 25th, Dubai, UAE: Omining, the crypto infrastructure company based in Dubai and operating under the DMCC ecosystem, has expanded operations into Kenya. The company's newly established facility in the Kenyan Special Economic Zone (SEZ) makes it one of the first large-scale Web3 deployments in East Africa by a UAE-based entity. The company's entry comes as global technology players, including Microsoft, expand into Kenya's SEZ framework, with Google and Amazon reportedly completing due diligence for future presence in the region. Omining's new facility will serve as its operational hub, with a 90-megawatt capacity currently being expanded to 200 megawatts. It leverages Kenya's stable electricity costs, investor-friendly regulation, and growing global relevance. Naivasha, where the plant will run, offers other key advantages: a year-round temperate climate ranging from 6 to 30 degrees Celsius, a 100% tax-free regime within the SEZ, and a currency whose value is closely aligned with the US dollar – much like Dubai. 'We're witnessing the beginning of a revolutionary era – the democratization of cryptocurrency mining. By enabling anyone to mine a currency without government control, we're participating in a groundbreaking movement that's reshaping the world's financial landscape,' said Francesco Colucci, Managing Partner at Omining. In under-electrified markets, crypto mining operations can play a broader role. Kenya has made significant strides in renewable energy generation, yet in rural areas, grid expansion often remains economically infeasible due to low demand. Omining's consistent, large-scale energy consumption and investments in the region can help stabilize long-term revenue for utility providers. This, in turn, adds to the long-term health of both infrastructure and access. 'The infrastructure we're building is about more than just scale,' said Lorenzo Calligaris, CTO at Omining. 'You need to be in environments that understand what you're doing and let you move fast, but responsibly. That's what we've had in Dubai, and now we're applying that playbook in Kenya.' Kenya's SEZ has emerged as a pragmatic alternative to more saturated destinations. Situated near Nairobi but free of its congestion, it is supported by strong logistics infrastructure. These fundamentals, combined with investor-friendly policies and reliable power supply, are beginning to shift how international firms perceive the region. Kenya's positioning as an SEZ destination is rapidly gaining traction across multiple industries because of a skilled labor pool, and growing integration with global digital trade systems. Recent public commentary from Kenneth Chelule, CEO of the SEZ Authority, referenced the potential of crypto mining firms like Omining to contribute to SEZ employment and energy monetization. The early links between Dubai and destinations like Kenya are expected to evolve into deeper, more sustained digital-economic relationships. Omining's move is an early example of what those relationships could look like in practice. About Omining Omining is an innovative company headquartered in Dubai, specializing in the mining of leading cryptocurrencies such as Bitcoin, Kaspa, and other emerging digital assets. It offers cutting-edge, fully customized solutions tailored to meet the needs of private investors, institutions, and businesses looking to enter or expand within the cryptocurrency mining sector in a secure, efficient, and scalable way. As part of its commitment to innovation, growth, and sustainability, Omining has recently developed a state-of-the-art mining farm in Nairobi, Kenya. This strategic expansion leverages the region's favorable climate conditions, reliable infrastructure, and increasingly green energy sources to ensure high performance with reduced environmental impact. It also marks a significant step toward building a decentralized and globally connected mining network. Omining's mission is to make cryptocurrency mining accessible, reliable, and future-oriented. Through its global operations and technical expertise, it aims to empower clients with the tools and infrastructure needed to succeed in the evolving world of blockchain and digital finance. For more information or interviews, please contact: Your Wordsmiths – Content & PR Neha Kaul 0504507068 neha@
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Business Standard
5 days ago
- Business
- Business Standard
SEZ to DTA clearance of used machinery should be on depreciated value
Despite GST treating intermediary services as domestic supply, other laws like FEMA and FTDR Act recognise them as exports; SEZ units must pay duty on depreciated value TNC Rajagopalan New Delhi Listen to This Article We are getting indenting commissions regularly from our principals abroad in foreign exchange. Under the GST laws, these are intermediate services and according to Section 13(8)(b) of the IGST Act, 2017, the place of supply is the location of the supplier. So, under the GST laws, such services are not treated as export of services. Can supply of such services be treated as export of services under other laws? Yes. The intermediary services are provided by you to a resident in a foreign country. The GST laws apply only for the purpose of taxation. They do not affect how the
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Business Standard
5 days ago
- Business
- Business Standard
Govt mulls tweaking duty norms for sale of SEZ products to domestic market
The commerce department and the finance ministry are currently engaged in consultation to allow the sale of products manufactured in Special Economic Zones (SEZs) to the domestic market on a 'duty foregone basis' on raw materials, instead of the finished product, a person aware of the matter said. At present, SEZs pay full customs duty in case a finished product is sold outside these zones, known as domestic tariff area (DTA). Based on the industry's longstanding request, the commerce department has proposed to the ministry of finance to calculate the duty on the imported raw material instead. The change, if implemented, is expected to spur value addition and manufacturing in SEZs as the import tax levies on units are expected to lower. Manufacturers in SEZs that have spare capacity will be able to boost production. SEZs are areas within the country that have different economic regulations and are considered as a foreign territory, with the primary focus on promoting exports. Companies operating in such zones get tax sops from the government but restrictions apply on duty-free sales to the rest of the country. 'We have shared the draft (on duty foregone) with the revenue department. Since the SEZ amendment Bill will take a lot of time to get passed (by Parliament) and implemented, we are trying to introduce some policy changes that can be brought in without amendment of the SEZ Act,' the person cited above told Business Standard. 'In this case, an executive order may be enough to implement the policy change,' the person said, adding that in the absence of a new SEZ amendment law, the commerce department was pushing for implementation of such an order at the earliest. The commerce department had prepared an SEZ (Amendment) Bill a year-and-a-half ago as the government believed that a revamp was needed to develop a fresh framework, in line with the emerging order of global trade, to support the building of industrial parks with world-class infrastructure and to attract investment in manufacturing. The idea was also to enable easier integration of SEZs with the domestic market, so that firms in the special zones don't lose out due to restricted market access. However, 2024 Lok Sabha elections and lack of consensus with the finance ministry on certain issues delayed the implementation. According to a report by Delhi-based think tank Global Trade Research Initiative (GTRI), allowing DTA sales on duty foregone on inputs raises concerns. The change could create competition issues for firms operating under other schemes for promoting manufacturing. 'However, as the government already allows DTA sales on duty foregone on inputs basis to the firms operating under the 'Manufacturing and Other Operations in Warehouse Regulations (MOOWR)' scheme, the GTRI recommends that for this reason, the government may extend the same concession for the SEZs for parity sake,' according to the report released in November, 2023.
Time of India
5 days ago
- Business
- Time of India
Uttar Pradesh is now India's manufacturing backbone—And the numbers prove it
Uttar Pradesh, India's most populous state, has over the years emerged as a hub of the manufacturing sector, thanks to its well-equipped infrastructure and strong initiatives for attracting investments. From hitting an economic slump due to multiple factors, it has now become the preferred destination for enterprises across segments such as smartphone production, textiles, and auto components. This essentially makes it the backbone of the country's economy. Dial M for more! UP leads smartphone manufacturing bloc in India The state has set quite a high benchmark when it comes to mobile manufacturing. It accounts for 55% of the country's smartphone production and 50% of its mobile component manufacturing. This gives a clear edge over a state like Karnataka, which accounted for nearly 1% of India's smartphone production a few years ago Home to 14 fully functional Special Economic Zones (SEZ's) and three Electronics Manufacturing Clusters (EMCs), the state is now taking long strides in India's economic development. EMCs provide enterprises easy access to ready-to-use factories and warehouses, making it simpler for them to find a foothold in the state. Similarly, companies operating in SEZs enjoy benefits such as tax holidays and benefits, which makes it possible for them to navigate the cesspool of (unnecessary) bureaucracy. These initiatives have boosted investor confidence and prompted international players to bet big on the state. Vivo, for instance, has planned to invest over Rs 7,000 crore in Uttar Pradesh and set up a massive manufacturing plant in Greater Noida. Global players such as Oppo and Samsung too have invested in the state, creating a vibrant economic ecosystem. A leader in textiles Uttar Pradesh is also the nerve centre of India's textiles and apparel segment, accounting for nearly 13% of its fabric output. This puts it in fourth position and ahead of states such as Andhra Pradesh (~5%) and West Bengal (~6%). Textile enterprises based in UP enjoy various benefits under the UP Textile & Garmenting Policy (2022), which has further rejuvenated this segment. These include 100% electricity duty exemption for 10 years, 25% subsidy on capital machinery, and 100% stamp duty exemption. These initiatives have encouraged enterprises to make Uttar Pradesh their base. In 2024 alone, 123 new textile companies started functioning in Uttar Pradesh. This brought in a total investment of ₹2,492 crore. Some of these enterprises include GESL Spinners Pvt Ltd (Rs 227 crore) and M-S Interweaves Polytex Pvt Ltd (Rs 150 crore). Additionally, the state has 12 flourishing textile parks,which are a boon for MSMEs as they help them enjoy access to shared facilities like design centres and training facilities. These centres also have also created jobs. The PM MITRA Mega Textile Park, for instance, alone has created 100,000 employment opportunities so far. This gives textile enterprises an opportunity to be part of a vibrant ecosystem where opportunities and collaborations are around the corner. A force in auto components segment Uttar Pradesh's dominance over the manufacturing sector is not limited to the smartphone and textile segments alone. It also excels in manufacturing automotive and auto components. The EV Manufacturing & Mobility Policy 2022 aims to create over 1 million jobs through an investment of ₹30,000–50,000 crore. It also makes life easier for enterprises through incentives like 20-30% capital exemption, 100% waiver of road tax, and subsidies on charging stations. Not surprisingly, this has transformed UP into the home of major players in the auto components segment. Last year Automotive Manufacturers Pvt. Ltd. (AMPL)-- a company that has been part of landscape for 70 years, set up a new 3S facility in Varanasi. Similarly, Servotech Power Systems Ltd has invested around Rs 300 crore in establishing an EV Charger manufacturing plant. The government is also taking steps to further rejuvenate its already thriving infrastructure. Not too long ago, Uttar Pradesh State Industrial Development Authority (UPSIDA) allocated Rs 456 crore to strengthen civil and electrical infrastructure across 93 industrial areas. Additionally, the body also allotted 113 plots across various industrial zones. They attracted an investment of Rs 700 crore and are projected to create over 4000 jobs. Given this, UP is set to remain the go-to place for those hoping to flourish in the manufacturing sector.
Time of India
5 days ago
- Business
- Time of India
Uttar Pradesh: India's emerging silicon heartland for electronics and semiconductors
Uttar Pradesh has over the years, emerged as the nerve centre of the electronics sector thanks to its business-friendly policies and stellar infrastructure. From facing an economic slowdown for multiple reasons, India's most populous state has now transformed into the go-to destination for companies across segments such as mobile and communication devices and consumer electronics. This has essentially established Uttar Pradesh as the driving force of the country's economy. UP continues to 'charge' the mobile and communication devices segment Uttar Pradesh leads the way when it comes to mobile phone manufacturing. In 2024, the state accounted for 55% of the country's mobile production. This means it leads over states such as Andhra Pradesh(~10%) and Karnataka (~1%) Home to 14 fully functional Special Economic Zones (SEZ's) and three Electronics Manufacturing Clusters (EMCs), Uttar Pradesh is the catalyst behind the country's economic growth. EMCs ensure that companies have direct access to state-of-the-art factories and warehouses, which helps them stay ahead of the competition. Similarly, SEZs have proved to be a game-changer for the state and the country's economy. Companies based in these specialised areas enjoy tax holidays, which shield them from the cumbersome and unnecessary bureaucratic procedures. These initiatives have fostered a favorable investment climate, encouraging key international players to bet big on Uttar Pradesh. In 2020, Samsung decided to invest ₹4,825 crore to relocate its mobile and IT display manufacturing operations from China to Noida. Similarly, Vivo is set to invest Rs 7,000 crore in Uttar Pradesh and establish a well-equipped manufacturing plant in Greater Noida. Global giants Oppo, Haier and Lava too have a strong presence in the state, which has further proved to be a boon for the segment. UP powers the consumer electronics segment Uttar Pradesh has also grown by leaps and bounds in the consumer electronics (durables) segment, accounting for nearly 15% of the country's exports. This puts it ahead of states such as West Bengal (~5%) and Telangana (~2%), and Consumer electronics firms enjoy several benefits under the Uttar Pradesh Electronics Manufacturing Policy 2020, which was amended in 2022. They include 15% capital subsidy on investments up to Rs 1,000 crore, 100% exemption on stamp duty, and up to 100% exemption on electricity duty for a period of 10 years. These initiatives have further rejuvenated the already flourishing segment, encouraging enterprises to set up shop in Uttar Pradesh. Nearly 20 firms have expanded their operations in the state over the last five years, bringing in a total investment of ₹21,642 crore. These include global leaders such as Haier (Rs 584.5 crore) and Oppo (Rs 4000 crore). Additionally, the state's robust educational infrastructure– equipped with 71 universities and over 4,300 colleges– serves as a big asset for the consumer electronics sector by providing a highly-trained workforce. The future looks bright The state is set to further consolidate its standing as the the hub of the electronics sector through the UP Semiconductor Policy 2024. It aims to transform UP into a haven for enterprises through benefits such as up to 25% capital subsidy and land rebates. Uttar Pradesh is also set to welcome the HCL–Foxconn OSAT Plant in Jewar by 2027. Projected to produce 36 million display driver chips/month, this game-changing initiative is likely to create over 2,000 direct jobs and generate Rs 1000 crore a year. In other words, Uttar Pradesh is on course to becoming a powerhouse in this segment in the next couple of years. This exponential growth essentially means that UP is in prime position to further consolidate its standing as the preferred destination for enterprises hoping to thrive in the electronics sector. .
