Visit to NOIDA Special Economic Zone (NSEZ)

Tuesday, 12. April 2011
New Delhi

After finishing the first one from the series of investment seminars during the business trip of the Minister of Economy of the SR to India, Andrea Gulova, Deputy CEO of SARIO visited, together with the Slovak businessmen that are part of the official delegation, premises of NOIDA Special Economic Zone (NSEZ).

Commissary for Special Economic Zones Ralp Bakshi introduced their functioning in India. Indian government has created 7 zones in which they offer advantageous conditions for doing business. Companies that produce inside the economic zone and export their goods abroad may use various advantages, for example 100% tax relief during first 5 years of business and next 5 years 50% tax relief, and they also may import material, components and goods with zero customs duty etc.

Deputy CEO of SARIO informed Indian party about functioning of industrial parks in Slovakia and support that the entrepreneurs may receive based on the Act. No. 561/2007 on investment stimuli. Both parties agreed on closer cooperation, improvement of information exchange of business subjects about their territories and strengthening of mutual trade. They also agreed on cooperation in preparation and organization of business missions to India and Slovakia.

NSEZ is the only one special economic zone of the central government in Northern India. It was established in 1985. Until now the Indian government has invested into its development 1.177 billion Indian rupees, approximately 18.25 million EUR. The aims of NSEZ are: investment support, creation of job, technology transfer etc. Its advantages: abundance of qualified work force, managerial talents, functioning infrastructure, guaranteed 15years tax relief. NSEZ disposes of 343 lots and 12 halls which make take up to 192 units. In its premises is customs office offering customs processing. Key sectors: IT and IT services, IT software development, precious stones and jewelry. Special advantage of NSEZ is for example 100% relief of corporate tax during 5 years, zero customs duty capital import, zero central consumption tax or unlimited transfer of profits and dividends.