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EPCES engaging with global players to attract them to India

Press Trust of India  |  New Delhi 

The Export Promotion Council for EOUs and SEZs (EPCES) on Monday said it is engaging with global players to attract them to invest in developing special economic zones in India.

To increase this engagement, the council has invited various stakeholders from the country and also from abroad to participate in an international conference, beginning from Tuesday here.

Representatives from the World Free Zones Organisation (FZO), various special economic zones (SEZs), international developers of these zones, global advisors for infrastructure development, and trade associations will join the conference.

"During the two-day conference, we will throw light on international trends and developments in SEZ ecosystem and global opportunities in this area," said Srikanth Badiga, member, board of directors (Asia), World FZO.

He said although the government is taking steps to promote these zones, there is a need to focus on reducing logistics cost to make India a more attractive destination for global players.

"We will showcase that India SEZ is a sunrise sector and it has huge potential for investments and job creation. We have invited experts so that we can learn global best practices," he added.

The council is demanding restoration of tax benefits for supporting growth of the sector and generating jobs.

The industry has urged for the removal of Minimum Alternate Tax (MAT) and continuation of tax incentives being enjoyed by units in these zones.

Units in SEZ enjoy 100 per cent income tax exemptions on export income for the first five years, 50 per cent for the next five years thereafter, and 50 per cent of the ploughed back export profit for another five years. But after March 2020, the government would withdraw these incentives.

SEZs, which emerged as major export hubs in the country, started losing sheen after the imposition of minimum alternate tax and introduction of sunset clause.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, November 04 2019. 20:35 IST