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Nagaland SEZ, the first in north-east, to attract global food processing players
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Thursday, 23 July, 2009, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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Dr KC Nihoshe, parliamentary secretary for industries & commerce, said that the first special economic zone (SEZ) in the entire north-eastern region in Nagaland is likely to attract global investors. "Setting up a SEZ for agro and food processing would be a major boost for farmers in Nagaland. A number of industrial sectors involved in agro and food processing have in fact indicated interest in establishing units in the SEZ," Dr Nihoshe said at a press release.
The legislator also informed that Korean investors have indicated interest in establishing a ginger-processing unit in the SEZ. According to media reports, earlier this month on July 9, the ministry of commerce & industry has notified about 50.70 hectares in Ganeshnagar under Dhansiri sub-division in Dimapur district as a SEZ.
Though there are many SEZs spread across the country, the SEZ at Ganeshnagar is the first of its kind in the entire north-east region with the Nagaland Industrial Development Corporation (NIDC) as the developer
Special Duty Provisions:
■ Exemption from income tax to SEZ units for 15 years.
■ Goods and services going into the SEZ area from DTA shall be treated as "exports" and goods coming from the SEZ into DTA shall be treated as "imports."
■ SEZ unit may import/procure from the DTA without payment of duty, all types of goods and services, including capital goods, (whether new or second hand) required by it for its activities.
■ Duty free goods for development of SEZ's as well as for SEZ's units.
■ 100 % sale of SEZ products in domestic tariff areas allowed on payment of customs duty, etc.
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