Latest news with #SpecialEconomic
The Hindu
5 days ago
- Business
- The Hindu
Special Economic Zone for electronics sanctioned in Dharwad, says Joshi
A Special Economic Zone (SEZ) for electronics units in Dharwad has been sanctioned and published in the gazette by the Union government. According to a press release issued by Union Minister for Consumer Affairs, Food and Public Distribution Pralhad Joshi, the SEZ for electronics units proposed at Itigatti near Dharwad by Aequs Infra's Hubballi Durable Goods Cluster Private Limited has been approved by the Union government and published in the gazette. Mr. Joshi earlier took up the matter with Union Minister for Commerce and Industry Piyush Goyal and apprised him of the need for the establishment of electronics units in the region. Consequently, an SEZ has been approved for the electronics units in the region. As per the gazette notification, in the 391-acre Hubballi Durable Goods Cluster, 28 acres has been earmarked for the establishment of electronics units with provision for expansion based on demand. Mr. Joshi has in the release said that the SEZ for electronics units will give a boost to production of electronic products in the region and also facilitate Hubballi emerging as a power centre for global electronics production. It will facilitate industrial development, quality employment generation and economic progress, he has said. Mr. Joshi has thanked Mr. Piyush Goyal and Minister for Large and Medium Industries and Infrastructure Development M.B. Patil for giving the necessary approvals for the SEZ in Dharwad.
Scoop
06-08-2025
- Business
- Scoop
Could Northland's Marsden Point be NZ's first 'Special Economic Zone'?
A 'Special Economic Zone' at Northland's Marsden Point could supercharge the region's - if not the country's - economy, Regional Development Minister Shane Jones says. Jones and New Zealand First leader Winston Peters visited Marsden Point on Tuesday to inspect a jet fuel storage project, while also promoting their vision for encouraging investment around Northland's main port. Peters said the area could "easily" become New Zealand's first Special Economic Zone. It had New Zealand's best deep-water port, was closest to international shipping lanes, and had plenty of land to build on. "These zones go a step beyond fast-track legislation. The zones will also have tax regimes that appeal to investors, local and international alike." Jones said Special Economic Zones already operated in Ireland, Singapore and Croatia. He said increased depreciation, tax "holidays" in which companies initially paid no tax, and attractive regulatory regimes could be used to attract large-scale investment in specific areas. Jones admitted the plan was "unorthodox" and would not say if it was supported by the party's coalition partners - but he believed bold moves were needed because current efforts to grow the economy were not working. "The Ruth Richardson bare austerity approach … it's not delivering the economic growth we need. Unless we have these kinds of bespoke initiatives, with tax incentives and self-consenting powers, I fear we're just going to be stuck in a rut talking about the same things year after year … and that's not good enough." He said the party wanted to table Special Economic Zone legislation in the coming year, or take the policy to the next election. Jones was typically provocative when describing how consenting in a Special Economic Zone might work. "When the zone is created any conditions of an environmental resource management character should be written into the zone. And then, my view is, you just have a couple of engineers in a tin shed somewhere, they can quickly consent things. This business of constipating and protracting all these resource consent processes is making the country broke." The Marsden Point zone, if created, could incorporate the former oil refinery site, the proposed Northport extension, and a planned dry dock facility for servicing large vessels such as Navy ships and Cook Strait ferries. A rail link between the port and Northland's existing railway line was also vital for the development of Marsden Point, Jones said. Meanwhile, the aviation fuel tank the ministers came to inspect was being constructed by Channel Infrastructure on the former Marsden Point oil refinery site. Jones said it would boost New Zealand's resilience at a time of increasing geopolitical instability. Channel chief executive Rob Buchanan said the 30-million-litre tank had previously been used for crude oil and was being adapted for jet fuel at cost of up to $30m, in partnership with Z Energy. It would hold enough fuel for 10,000 flights between Auckland and Wellington. Once complete it would increase total storage of jet fuel, petrol and diesel at Marsden Point to about 300 million litres. Buchanan said it was not the only project bringing life back to the site where oil refining ended in 2022. "One of the projects we're working on very actively at the moment is repurposing the old refinery into a biorefinery, which could produce diesel and jet fuel. That's with some international partners because it would be a very significant amount of capital investment. It'd be really exciting to bring back manufacturing capacity," he said. Buchanan would not say what would be used as the raw material, citing business confidentiality. A decision as to whether the biorefinery would go ahead was expected next year. Both Jones and Peters expressed disappointment at the oil refinery's closure, but with the cost of reopening it estimated at $5-7 billion, Jones accepted that was not going to happen. "We're over that chapter and we have to support new industry and new investment," he said. Peters said the Marsden Point rail project, which was part of the coalition agreement, was continuing to make progress. Almost all the land required had been bought and KiwiRail had completed the design work. The 19 kilometre rail spur between Oakleigh, south of Whangārei, and Northport had initially been estimated to cost $1 billion. Peters said he would not accept such a high cost. In the coming weeks KiwiRail would share its designs, on a confidential basis, with other potential builders, he said. "We're going to get value for money. And if we don't get it from New Zealanders we'll get it from international competition. That's why I can guarantee you we're not talking about a billion dollars or anything like it." Construction had originally been due to begin in late 2026 or early 2027 but Jones said that had been delayed. The other major project planned for Marsden Point was a dry dock expected to cost $400-500m. Jones said it would be a public-private partnership part-funded by the Regional Infrastructure Fund. Shortlisted companies had until May to submit Requests for Proposal. Jones said the government was "getting closer" to choosing a successful bidder.
Business Recorder
18-07-2025
- Business
- Business Recorder
Public welfare projects: PM directs third-party validation
ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif on Thursday directed to ensure third-party validation for transparency in public welfare projects, especially those related to clean water, electricity, communications, and education. He emphasized the importance of maintaining high standards in completed and near-completion projects through independent validation. Chairing a review meeting regarding the development projects of the current fiscal year, the prime minister instructed that delayed projects must be completed as soon as possible. PSDP: PM wants fund allocation to high impact projects He said that the construction of high-quality educational centers like Danish Schools in Gilgit-Baltistan, Azad Jammu & Kashmir, and all provinces was a top priority of the government. The prime minister added that educational institutions were a vital part of the current fiscal year's development plans, aimed at providing international-standard education and training to children from economically disadvantaged backgrounds, ensuring equal development opportunities. He highlighted that water reservoirs were crucial for national integrity, and several projects were currently under construction to this end. He noted that the establishment of technology parks in Karachi and Islamabad will make Pakistan a significant economic hub for information technology both in the region and globally. He emphasized that the development of Special Economic Zones (SEZs) was a key component of the government's economic vision for the country. During the meeting, the prime minister was briefed on the completed development projects as well as those currently underway in the current fiscal year. The briefing informed that multiple projects across the country in sectors such as communications, IT, water reservoirs, electricity, educational institutions, and hospitals had been completed, and work on new projects was progressing rapidly. The meeting was attended by Minister for Planning and Development Dr. Ahsan Iqbal, Minister for Economic Affairs Ahad Khan Cheema, Minister for Information and Broadcasting Attaullah Tarar, and senior officials from relevant institutions.
Observer
30-06-2025
- Business
- Observer
GCC economic integration through connectivity
Oman stands at a pivotal crossroads, where global energy dynamics, regional instability, and long-term economic aspirations intersect. As geopolitical risks in the Strait of Hormuz amplify uncertainties, Oman emerges not only as a neutral mediator but also as a proactive architect of future-ready economic solutions—anchored by Duqm's development and strengthened by Vision 2040. The Strait of Hormuz remains a critical artery for global energy, with over 20% of the world's petroleum and one-fifth of global LNG transiting its waters. While recent diplomatic efforts have helped to ease tensions, the vulnerabilities of this chokepoint persist. Oman's strategic response is Duqm—a secure and stable alternative that mitigates geopolitical risk while ensuring efficient, uninterrupted energy and trade flows. Duqm's location outside the Strait of Hormuz is more than strategic—it is economically transformative. It shortens shipping times by up to three days, significantly reduces freight and insurance costs, and shields trade routes from geopolitical tensions. These features provide Oman and its partners with a dependable, cost-effective trade gateway via the Arabian Sea. The Special Economic Zone at Duqm (SEZAD), spanning 2,000 square kilometres, is the largest of its kind in the MENA region. It is home to the 230,000 bpd Duqm Refinery and the Ras Markaz Oil Terminal, with a storage capacity of 26 million barrels. These facilities position Duqm as a vital energy hub, supporting both conventional and clean energy ambitions. Connectivity is at the heart of Oman's national strategy. Modern highways, upgraded airports, and a planned regional railway will further integrate Duqm into regional and global logistics networks. These efforts aim to establish a seamless, multimodal economic corridor linking Oman with its GCC neighbours and beyond. This is the time for GCC-wide cooperation. Oman cannot shoulder the burden alone. Shared infrastructure—such as road corridors, pipelines, and port linkages—must be a collective effort among GCC members. Collaboration with Saudi Arabia, the UAE, Qatar, and Kuwait is essential to building resilient economic corridors that bolster regional energy security and trade diversification. Oman's policy of neutrality and balanced diplomacy reinforces its role as a trusted regional partner. This credibility attracts investment, reduces perceived risks, and enables Oman to engage constructively with all stakeholders. Partnerships such as the Duqm Refinery with Kuwait, road connectivity with Saudi Arabia and the UAE, and discussions around regional rail demonstrate the viability of cross-border collaboration. The Special Economic Zone at Duqm (SEZAD), spanning 2,000 square kilometres, is the largest of its kind in the MENA region. From a diplomatic and economic standpoint, Oman's neutrality remains one of its most powerful strategic assets. This stance uniquely facilitates consensus-building among diverse regional actors, fostering an environment conducive to investment and significantly lowering the perceived risk premium for major long-term infrastructure projects. This role is particularly important for neighbouring Gulf nations like Saudi Arabia, Qatar, and the UAE, which are actively seeking diversified export routes and secure logistics solutions amidst evolving regional dynamics. For instance, Qatar's ambitious LNG expansion could significantly benefit from Duqm's strategic redundancy in storage and export, enhancing market access and reliability. Likewise, Oman's transparent collaboration with the UAE and Saudi Arabia on critical energy and logistics initiatives directly supports the ambitious goals outlined in Saudi Vision 2030 and the UAE's Energy Strategy 2050. Collaborative projects such as the strategic Ibri-Duqm road connecting Oman, Saudi Arabia, and the UAE, along with future railway initiatives, are designed to create seamless economic corridors for mutual benefit. The successful partnership in the Duqm Refinery with Kuwait exemplifies Oman's capacity for effective cross-border industrial integration. For major energy-importing nations in Asia and Europe, Oman offers a dual advantage: stable, secure delivery points for conventional energy, and promising new partnerships in the clean energy sector—especially as Oman scales up its green hydrogen exports. Duqm, in particular, presents highly attractive investor incentives, including 100% foreign ownership, multi-year tax exemptions, and robust regulatory support that streamlines business operations. These conditions create an exceptionally welcoming landscape for global investors and sustainable private sector growth. These comprehensive strategic efforts are intricately aligned with Vision 2040—Oman's overarching national blueprint for economic diversification and long-term sustainability. The Vision aims to significantly increase non-oil GDP, attract private investment, and foster innovation-led growth across multiple sectors. The role of the private sector in this transformation is not only encouraged but considered essential. Oman is actively nurturing a vibrant local SME ecosystem, integrating it into industrial supply chains within the Special Economic Zone. Oman's developmental path is uniquely defined by pragmatism, strategic foresight, and a firm commitment to inclusive growth. By reducing regional dependencies, embracing clean energy, and promoting integrated logistics, Oman is crafting a sustainable development model that offers valuable lessons for the world. Under the visionary leadership of His Majesty Sultan Haitham bin Tarik, Oman is not merely responding to today's challenges—it is shaping solutions for the future. In a world seeking certainty and innovation, Oman stands ready. The message to global partners is clear: Oman is a gateway to the future, and Duqm is open for business. The time to engage is now.
Malaysian Reserve
30-06-2025
- Business
- Malaysian Reserve
Malaysian investors explore Cambodian SME sector
PHNOM PENH — A Malaysian private sector-led trade mission is exploring investment opportunities in Cambodia's growing small and medium enterprise (SME) sector, focusing on strategic areas such as agriculture, healthcare and real estate. Led by the Malaysia-Cambodia Business Association (MCBA), the delegation visited Cambodia from June 26 to 29 to identify potential partnerships and promote two-way investment, according to Cambodia's state media, Agence Kampuchea Presse. 'Our goal is to encourage Malaysian investors to invest in Cambodia, and likewise, facilitate Cambodian enterprises in exploring opportunities in Malaysia and forming strategic partnerships,' said MCBA president Datuk Seri Ricky Yaw, as quoted by the state media. Minister of Industry, Science, Technology and Innovation Hem Vanndy assured the visiting delegation that foreign business entities can enjoy a stable and investor-friendly environment. 'Cambodia is an evolving, yet peaceful and stable country committed to economic development. You must have faith and hope that there is a future and growth for your business here,' he said. Vanndy also encouraged Malaysian investors to consider setting up factories within Cambodia's Special Economic Zones (SEZs) or establishing a dedicated Malaysian SEZ, according to the state media. Prime Minister Hun Manet, who met the delegation on June 26, said it is an opportune time to invest in Cambodia as the government is enhancing the Kingdom's competitiveness at regional and international levels. According to the National Institute of Statistics as of 2022, the Kingdom had 750,000 micro, small and medium enterprises employing nearly three million workers including 1.8 million women. Cambodia-Malaysia bilateral trade reached about RM3.6 billion (US$860 million) last year. — BERNAMA
