Latest news with #SEZs
Business Insider
17 hours ago
- Business
- Business Insider
Gabon secures $3.8 billion Afreximbank pact for Gold, Manganese and energy projects
Gabon has signed a $3.8 billion memorandum of understanding with the African Export-Import Bank (Afreximbank) to fund major national development projects across mining, energy, and transport sectors. Gabon signed a $3.8 billion MoU with Afreximbank to fund development projects. The agreement aims to enhance mining, energy, and transport sectors in Gabon. Most gold production in Gabon is currently unregulated, requiring better oversight. Gabon has signed a $3.8 billion memorandum of understanding with the African Export-Import Bank (Afreximbank) to fund major national development projects across mining, energy, and transport sectors. The agreement, formalized during Afreximbank's annual general meeting in Abuja, Nigeria, aims to support the development of gold and manganese trading, enhance energy infrastructure, and expand the country's railway network. Gabon's gold sector remains heavily informal, with approximately 70% of production coming from unregulated sources. Inadequate infrastructure, particularly poor road networks, continues to hinder the sector's growth. Afreximbank's support for Special Economic Zones (SEZs) and Africa Quality Assurance Centers (AQACs) is expected to bring greater oversight and formalization, though success will depend on stronger enforcement of mining regulations. As the world's second-largest producer of manganese, a vital mineral for steel production, and one of the smallest members of OPEC+, producing around 220,000 barrels of crude oil per day, Gabon is positioning itself to strengthen industrial and export capacity. According to recent data, Gabon's economy expanded by 2.9% in 2024, largely driven by oil production and increased public investment. Minister of State for Economy, Finance and Debt, Henri-Claude Oyima, signed the agreement on behalf of the Gabonese government. However, President Brice Oligui Nguema, has pledged to reduce Gabon's overdependence on oil by prioritizing sectors such as agriculture, tourism, and manufacturing, part of a broader strategy to combat poverty and diversify the economy.
The Hindu
4 days ago
- Business
- The Hindu
Not necessary to be in SEZs to export, now it can be done from districts: FM Sitharaman
The Modi government's approach towards enhancing India's exports has meant that exporters no longer have to be located in Special Economic Zones (SEZs) to export their goods, Union Finance Minister Nirmala Sitharaman said on Tuesday (June 24, 2025), adding that India's export growth has surpassed that seen globally. Speaking at the Exim Bank Trade Conclave, Ms. Sitharaman said that the government was following a 'clustered' approach for developing export hubs through schemes such as Make in India, Production-Linked Incentives (PLI) schemes, One District One Product (ODOP), and Districts as Export Hubs (DEH). 'So, the decades-old system of SEZs alone promote export, SEZs will have to be specified, specialised export promotion zones, may be where they are, but over the last one decade this government has brought in this dimension that you don't have to be in an SEZ to export, but you can do it from the districts,' she said. She highlighted that, at a time when global exports grew 4%, India's total exports reached an all-time high of $825 billion and achieved a growth of 6.3% and a 'significant leap' of over $466 billion over 2013-14. However, she added that the change in India's export scenario was not limited to the growth, but also in the items that were increasingly being exported. 'Exports are not just growing as they were earlier,' she said. 'Today they are technology-infused, high-end products that are being exported. High technology-infused areas where innovation and intellectual property will all come in handy. So India is not just bulk-exporting raw foods or commodities. It is exporting well-engineered products with high standards.' According to the Minister, exports of goods in sectors supported by the PLI schemes have surpassed Rs 5.31 lakh crore or $62 billion, with the main items within this being large-scale electronics manufacturing, pharmaceuticals, processed foods, and telecom and network products.
Express Tribune
4 days ago
- Business
- Express Tribune
Pakistan, Uzbekistan eye $2b trade goal
PM Shehbaz Sharif and Uzbekistan President Shavkat Mirziyoyev raise hands in solidarity during the joint press stakeout in Tashkent. Photo: PPI Uzbekistan's Ambassador to Pakistan, Alisher Tukhtaev, met Special Assistant to the Prime Minister on Industries and Production, Haroon Akhtar Khan, in Islamabad on Monday to discuss ways to strengthen economic and industrial ties between the two countries. According to an official statement, the Uzbek envoy expressed gratitude for Pakistan's continued support and stressed the need to deepen collaboration in key sectors such as agriculture, pharmaceuticals, energy, and food processing. Khan reaffirmed Pakistan's commitment to enhancing bilateral relations in line with Prime Minister Shehbaz Sharif's vision of increasing trade and industrial cooperation. He highlighted the PM Sharif's target of raising bilateral trade with Uzbekistan to $2 billion, noting that efforts were underway at all levels to achieve this. During the meeting, both sides emphasised the importance of joint ventures in Special Economic Zones (SEZs) and cooperation in public procurement. They also discussed collaboration in e-commerce, with the ambassador inviting Pakistani digital firms to explore opportunities in Uzbekistan.
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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.
