Financial Daily from THE HINDU group of publications
Tuesday, Nov 12, 2002

Port Info

Group Sites

Industry & Economy - Exports & Imports

`SEZ in Vallarpadam will lure more investment'

Our Bureau

Mr Paul Antony, Development Commissioner, Cochin Special Economic Zone, inaugurating ECGC's Maturity Export Factoring scheme in Kochi on Monday.

KOCHI, Nov. 11

DECLARATION of the Vallarpadam and Puthuvypeen areas as special economic zones will reduce the cost of the proposed trans-shipment terminal by at least Rs 300 crore by way of exemption from Customs and Excise duties and income-tax, according to Mr Paul Antony, Development Commissioner (DC) of Cochin Special Economic Zone.

Inaugurating the new scheme of Maturity Export Factoring, introduced by Export Credit Guarantee Corporation of India (ECGC), on Monday, he said that the proposal to declare these areas were already with the Union Government and was expected to materialise soon. Around 1,000 acres of land are available in Vallarpadam and Puthuvypeen and if the SEZ materialises, it would attract more investment into the State, he added.

Mr Antony also said that there were proposals to convert the current special economic zone into a Greater Cochin SEZ connecting Cochin Port Trust and Cochin International Airport.

The construction of a highway linking the port and the airport is going on, and this could be used as an industrial corridor by exploiting the full potential of Kinfra and HMT land.

The total cost for the project has been estimated at Rs 32 crore and the SEZ has contributed Rs 5 crore.

With the completion of all these projects, Kochi would soon become a major export zone, Mr Antony said.

Speaking on the occasion, Mr V. Ramachandran, General Manager, ECGC, Mumbai said that the Export Maturity Factoring scheme was designed to serve the export community including both bankers and exporters by providing guaranteed and hassle-free credit and coverage of risks.

The services provided under the scheme included 100 per cent credit guarantee protection against bad debts, sales register maintenance in respect of factored transactions and regular monitoring of outstanding credits, he added.

Send this article to Friends by E-Mail
Comment on this article to

Stories in this Section
US shrimp group defers dumping suit

High Court directs AP to alter vaccine tenders
NCAER laces recovery in industry with caution
Gates opens $100-m AIDS window
Trials on AIDS vaccine early next year
Gates to launch Phase 2 of child vaccine scheme
Maharashtra plans Act for infrastructure development
Uniform ST on petro goods likely from April
`Per capita power use up at 505 kWh in 5 years'
Kerala: No duty on new power tariffs
Bengal agency for renewable energy to be upgraded
Covanta may exit TN power projects
Geete calls meeting of Dabhol stakeholders
States lukewarm to textile clusters scheme — Modified TCIDS to offer 100 pc Central funding
NIFT to impart new look to handloom textiles
ISED planning lecture series
More depend on Govt schools: Survey
Centre earmarks Rs 650 cr for food processing
Chamber not for wide powers to SEs on company closure
Pre-qualification norms for Punjab Tractors sell-off
`Delay in HPCL, BPCL sell-off to hold up EIL too'
China aluminium major plans Rs 1,750-cr smelter
Group to speed up decision on WTO issues set up
`Mini Ministerial on WTO will be a move forward'
Anganwadi schemes hit: Forum
SBI staff union plans agitation
Motor show from Nov 14
Bangalore Engagements
`SEZ in Vallarpadam will lure more investment'
AP seeks Centre's help to tackle drought
Chhattisgarh identifies land for tourism promo

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |

Copyright 2002, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line