Tripura Chief Minister Biplab Kumar Deb Friday laid the foundation stone of the state’s first ever Special Economic Zone (SEZ) at Sabroom, the southernmost tip of Tripura before Bangladesh, 130 Km from Agartala.
Speaking at the foundation stone laying ceremony, CM Deb said, “Tripura earlier survived on a single lifeline. Now, we have got serve connectivity routes. With this SEZ and a forthcoming Integrated Check Post here, Sabroom will become the commerce capital of NE India and gateway to South Asia. This SEZ will generate employment, contribute in developing Atmanirbhar Tripura”.
The SEZ, estimated to involve Rs. 635 crore investment, will be set up at Paschim Jalefa village of Sabroom. The SEZ, which got approval from the Ministry of Commerce and Industries in December last year, would specially focus on four sectors including agro-based processing including food processing, rubber, bamboo sectors and textile sector.
The chief minister said that the SEZ is expected to generate nearly 5,000 jobs, while preliminary estimates suggest a scope of 12,000 skilled jobs. He also said farmers and traders would derive benefits from the SEZ as it would facilitate export and import.
Lauding the initiative, Union Minister Piyush Goyal said over a video message that the Government of India, state government and Railway Ministry are working as triple engine to develop Tripura and the Northeastern states.
“This SEZ is expected to draw investment of Rs. 650 crore and generate employment of nearly 5,000 people. Goods produced here will be sent to different parts of India and abroad. This SEZ will host rubber based industries, tyres, rubber bags, textile industries, agro food processing units etc”, the union minister said in his message.
The SEZ, being developed by the Tripura Industrial Development Corporation, is expected to launch new avenues to attract huge private investment, especially since it is located at close proximity to Chittagong Port in Bangladesh and an Indo-Bangla bridge being built over River Feni at Belonia. A logistics hub is also expected to be set up here at an expense of Rs. 2,000 crore.
100 percent Income Tax exemption would be provided on export income for SEZ units under Section 10 AA of the Income Tax Act for the first 5 years after setting up the SEZ. 50 percent exemption would be provided for the next 5 years and 50 percent of the ploughed back export profit for next 5 years.
Tripura shares 856 Km long international border with Bangladesh. Since it assumed office in March, 2018, the BJP-IPFT government has laid heavy stress on developing bilateral trade and connectivity with and through Bangladesh to develop the local economy.
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