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`SEZ in Vallarpadam will lure more investment'

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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.

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