Srinagar, July 24: Jammu & Kashmir is comtemplating creation of a Special Economic Zone (SEZ) for its key export products.
Towards that, a delegation from Jammu & Kashmir Trade Promotion Organization (JKTPO), led by its Managing Director, Khalid Jahangir on Sunday met Joint Development Commissioner (JDC), Noida Special Economic Zone (NSEZ), Surendra Malik and his team here, to explore possibilities of developing a Special Economic Zone (SEZ).
During the interaction, the Joint Commissioner suggested the idea of developing a private SEZ in Jammu and Kashmir for IT, ITES, Handicrafts, Jewellery, Food Processing and Pharma sectors who are majorly into exporting. He also assured the JKTPO delegation that they would check with the interest of private players to setup SEZ in the UT.
The JKTPO delegation on the occasion also visited units of NeoKraft Global Pvt Ltd and KnitPro International who are manufacturing products in the NSEZ.
Later, Managing Director, JKTPO, Khalid Jahangir, also met Deputy Director General (DDG), Trade Promotion Council of India (TPCI) Sandip Das to discuss and expedite the forthcoming Buyer-Seller Meet (BSM) scheduled to be held in August at Jammu. This significant meeting aimed to enhance trade opportunities for the region and strengthening the export capabilities of Jammu and Kashmir.
During the discussion, Khalid Jahangir emphasized the importance of prior orientation sessions for the exporters representing Jammu and Kashmir in the upcoming BSM. He added that these sessions will enable the exporters to acquire a comprehensive understanding of various technicalities involved in exports, including, logistics, financing, sampling, insurance, and other relevant aspects. He further said that by empowering the exporters with essential knowledge, JKTPO aims to facilitate seamless trade interactions during the event.
The BSM will provide a unique platform for buyers to explore the diverse range of products offered by exporters from Jammu and Kashmir, thereby fostering new trade partnerships.
In addition to the above, the delegation and TPCI also finalized the process of on boarding relevant stakeholders who will be participating in the informative sessions during the BSM. These sessions will offer valuable insights into the intricacies of international trade and provide a platform for interactions and knowledge-sharing among exporters, buyers, and other key players.
What is NOIDA Special Economic Zone (NSEZ) and how it services J&K:
NSEZ is about 310-acre facility which houses about 210 units from IT, ITES, Electronics, Gems & Jewellery, Aerospace Manufacturers, Packaging Industries, etc., and is one of the biggest SEZs in India. SEZ usually includes Free Trade Zones, Export Process Zones, Freeports, and many other benefits the state and central governments which hugely benefit manufacturers who are exporting their products from J&K.
Noida Special Economic Zone (NSEZ) was established in 1985 and is the only Central Government SEZ in northern India. The jurisdiction of NSEZ is spread over all SEZs and Export Oriented Units (EOUs) in seven states namely Delhi, Haryana, Himachal Pradesh, Punjab, Rajasthan, Uttar Pradesh, Uttarakhand and three Union Territories of Chandigarh, Jammu & Kashmir and Ladakh.
NSEZ offers a wide range of facilities and incentives to investors, including:
- 100% foreign direct investment (FDI)
- Income tax exemption on export profits for 5 years, and 50% exemption for the next 5 years
- Exemption from customs duties and excise duties on imported capital goods and raw materials
- 100% export oriented units (EOUs) are allowed to import duty-free raw materials and components, and to export 100% of their production
- No import license is required for goods imported for export production
- No export duty is levied on goods exported from the SEZ
- No restrictions on the repatriation of profits and dividends.
