Visakhapatnam Special Economic Zone
History
The zone originated in 1989, when it was named VEPZ (Visakhpatnam Export Processing Zone). It was changed to the Visakapatnam Special Economic Zone on 1 January 2003. The zone consists of an area of 360 acres. The Development Commissioner, the administrative head of the zone, is also the head of all 53 special economic zones in Andhra Pradesh, Chhattisgarh and the union territory of Yanam. From these SEZs, seven are multipurpose SEZs, and the remaining are sector specific SEZs.
Operation
VSEZ is treated as a foreign territory for trade operations, duties and tariffs. One hundred per cent foreign direct investment is allowed with permission for full and free repatriation of export proceeds. The turnover of the zone was Rs. 4.5 billion in 2004. Investments increased from Rs. 5.56 billion in 2008-09 to Rs. 12.4 billion in 2012-2013.
See also
References
- ^ Guido Nassimbeni, Marco Sartor (2008). Sourcing in India. Springer. p. 65. ISBN 978-0230594166.
- ^ "List of pharma companies in VSEZ". Pharmaclub. 9 February 2018.
- ^ Santosh Patnaik (4 March 2005). "VSEZ acquiring land for expansion". The Hindu.
- ^ Arpita Mukherjee; et al. (2016). Special Economic Zones in India: Status, Issues and Potential. Springer. p. 89. ISBN 978-8132228066.