The ministry of commerce and industry has notified the setting up of the first-ever Special Economic Zone (SEZ) in Tripura.
It is hoped that the Tripura SEZ will open up avenues for investment and connectivity.
The SEZ will be set up at Paschim Jalefa in Sabroom under the South Tripura district, which is 130 km away from Agartala.
It will be a Sector-Specific Economic Zone for agro-based food processing.
The estimated investment in the project will be around Rs 1,550 crore.
The developer of the SEZ will be Tripura Industrial Development Corporation (TIDC) Ltd.
The SEZ is estimated to generate 12,000 skilled jobs.
Rubber-based industries, textile and apparel industries, bamboo and agri-food processing industries will be set up in the SEZ.
“Setting up of the SEZ in Sabroom will open up new avenues to attract private investment considering the proximity of the Chittagong Port and construction of the bridge across river Feni in South Tripura, which is underway,” said sources.
After the setting up of the SEZ, 100 percent Income Tax exemption will be provided on export income for SEZ units under Section 10AA of the Income Tax Act for the first 5 years.
Also, 50 percent exemption will be provided for the next 5 years and 50 percent of the plowed back export profit for another 5 years.
Tripura chief minister Biplab Kumar Deb also expressed his satisfaction at the notification on the SEZ.
He wrote on his Facebook page: “Delighted to share that Ministry of Commerce and Industry has notified about setting up of the first ever Special Economic Zone (SEZ) in Tripura’s Sabroom, which will be a Sector-Specific Economic Zone for Agro-Based Food Processing.”
Setting up of the SEZ will also open up new avenues to attract private investments, said chief minister Deb.
While thanking the PM and the central government, Deb said, “I thank Hon’ble PM Shri Narendra Modi ji and Minister of Commerce and Industry Shri Piyush Goyal ji for the SEZ.”