Latest news with #SpecialEconomicZone
Fibre2Fashion
a day ago
- Business
- Fibre2Fashion
India to restore RoDTEP benefits for AA, EOU & SEZ exports from June 1
Government of India has reinstated Remission of Duties and Taxes on Exported Products (RoDTEP) scheme benefits for Advance Authorisation (AA) holders, Export-Oriented Units (EOUs), and Special Economic Zone (SEZ) units. Applicable from June 1, 2025, the move aims to strengthen India's export competitiveness and ensure parity across all exporter categories. These benefits had earlier lapsed on February 5, 2025. Their restoration signals the government's ongoing commitment to boosting merchandise exports by offsetting unrefunded embedded duties and taxes. Since its launch on January 1, 2021, the WTO-compliant scheme has disbursed over ₹57,976.78 crore (~$6.8 billion), the Ministry of Commerce & Industry said in a press release. Indian government has reinstated RoDTEP benefits for AA holders, EOUs and SEZ units from June 1. The move aims to enhance export competitiveness and ensure parity across exporter categories. Earlier withdrawn in February 2025, the scheme has disbursed over ₹57,976.78 crore (~$6.8 billion) since 2021. For FY26, ₹18,233 crore is allocated to support a wide range of HS lines via a digital platform. For FY26, ₹18,233 crore has been earmarked to support exports under 10,780 HS lines for Domestic Tariff Area and 10,795 HS lines for AA/EOU/SEZ segments. The scheme is operated through a fully digital platform to ensure transparency and ease of access for exporters. Fibre2Fashion News Desk (KD)
Business Times
2 days ago
- Business
- Business Times
Batam, Johor, Da Nang: Asean's new growth cities
[HO CHI MINH CITY] Infrastructure development and breakthrough incentives within special economic and trade zones are drawing global businesses, investors and talent beyond Asean's traditional metropolises to emerging 'second cities' such as Johor Bahru, Da Nang and Batam. While smaller and less globally known than capital cities or primary metropolises like Kuala Lumpur, Jakarta, or Ho Chi Minh City, these rising hubs are capturing attention for their investment potential, quality of life and innovation ecosystems. 'These shifts reflect a broader trend of decentralisation, synergistic and regional growth within Asean,' said Govinda Singh, executive director at Canada-based investment management company Colliers International. He added: 'What sets successful rising cities apart is their ability to enable ease of doing business, investment in infrastructure and long-term policy stability.' Why 'second cities' are taking off In today's competitive environment, he noted that investors seek clear value propositions, such as cost advantages, special economic zones, talent pipelines and logistics connectivity. 'Ultimately, it's not just about being cheaper than the capital cities; it's about leveraging comparative strengths, being smarter, more specialised and investment-friendly,' he added. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Sam Cheong, head of group foreign direct investment advisory at UOB, observed that traditional economic hubs like Singapore, Jakarta or Ho Chi Minh City are increasingly facing resource constraints to accommodate the needs of foreign direct investment effectively. This has given rise to the emergence of new hubs, especially those near established ones. The Business Times takes a closer look at these emerging cities that have been in the spotlight in recent years. Johor Bahru: Riding Singapore's ripple Johor Bahru's strategic southern location, less than 30 km from Singapore, positions it uniquely. The Johor-Singapore Causeway, a vital link handling over 300,000 daily crossings, is one of the busiest border checkpoints in the world. In January 2025, Malaysia and Singapore officially launched the Johor-Singapore Special Economic Zone (JS-SEZ), a cross-border initiative by both nations to harness the power of their proximity. Siva Shanker, chief executive officer of the estate agency at Rahim & Co International, said: 'With ongoing infrastructure projects and various incentives in place, the JS-SEZ presents compelling opportunities for business owners considering relocation or expansion in this region.' Amid the ongoing global trade headwinds, Dr Wong Chin Yoong, an economics professor at Universiti Tunku Abdul Rahman Malaysia, said that the potential of cities like Johor Bahru could drive greater intra-Asean collaboration, as the region requires a development strategy that buffers it from geo-economic risks. 'This necessitates greater intra-Asean interdependence through cooperative initiatives that minimise exposure to super power competition, enhance regional resource sharing, and cultivate Asean as a significant regional power in both production and consumption,' he said. The demand for Johor Bahru real estate is rising on the back of the progress made in the building of the railway shuttle linking Singapore and Johor Bahru and the establishment of the JS-SEZ. PHOTO: BT FILE Batam: Indonesia's fast-charging digital hub In Indonesia, Batam, located about 20 km south of Singapore, is also fast rising as a key hotspot for investments for data-centre operators, power developers and semiconductor manufacturers, giving Johor a run for its money as the top destination for companies expanding beyond the city-state. The growth is especially bolstered by Batam's Special Economic Zone perks and direct subsea cable links that tether it seamlessly to Singapore's digital backbone. For example, the Nongsa Digital Park, located on Batam's north-eastern tip and designed to support the digital economy, is a few kilometers away from the landing of 13 submarine cables that link it directly with various parts of Indonesia, Singapore, Malaysia and the US West Coast. The city's biggest win so far was Apple's landmark US$1 billion commitment to produce AirTags on the island, marking a major milestone in Batam's evolution into a regional tech and data hub. Nongsa Digital Park is a designated Special Economic Zone in Indonesia focusing on digital technology and tourism activities. PHOTO: NONGSA DIGITAL PARK Da Nang: From Vietnam's holiday haven to investment hotspot Da Nang, one of Vietnam's most popular tourist destinations, is now showcasing a new identity – that of an investment hub. The city is strategically located in central Vietnam, between the country's two major economic centres in the north and the south, Hanoi and Ho Chi Minh City, respectively. It is home to two deep-water ports, Tien Sa Port and the developing Lien Chieu Port, which are vital gateways in the eastern extremity of the East-West Economic Corridor, connecting Vietnam, Laos, Thailand and Myanmar across the Greater Mekong Sub-region. 'Naturally, the combination of the holiday lifestyle and the business lifestyle will be a magnet for a lot of people,' said Andy Khoo, managing director at Terne Holdings, a Singapore-based investment group. Starting January 2025, Da Nang became the first city in Vietnam officially approved to pilot a Free Trade Zone. Plans are afoot to develop it across 10 dispersed locations connected to Lien Chieu seaport and Da Nang International Airport. Another key driver is its designation as one of the two locations for Vietnam's international financial hub, along with Ho Chi Minh City, with 'unprecedented' financial mechanisms being developed and the authorities actively working to attract multibillion-dollar investments. Da Nang has allocated six land parcels for the development of the city's international financial hub, including the 9.7-hectare site overlooking the estuary of the Han River. Richard McClellan, founder and principal at Ho Chi Minh City-based RMAC Advisory, said: 'With a smaller scale than Ho Chi Minh City, Da Nang offers an ideal environment to experiment with new initiatives within a controlled and managed space.' Da Nang has allocated six land parcels for the development of the city's international financial hub, including the 9.7-hectare site overlooking the estuary of Da Nang's iconic Han River (above). PHOTO: JAMILLE TRAN, BT Ayutthaya: Thailand's 'Silicon Valley' Ayutthaya is an emerging city in Thailand's central-west economic corridor, where some 40 per cent of approved foreign investment projects in the first quarter of the year are located, said UOB's Cheong. The other up-and-coming city is Samutprakarn, which is in the Bangkok Metropolitan Region. These cities are part of the evolution of Thailand – traditionally known for its tourism industry – into an industrial powerhouse, particularly through its economic corridor initiatives. The strong infrastructure connectivity to ports and airports offers a geographical advantage for several of its rising hubs. 'These cities are within an hour's drive from Bangkok and are tipped to be the 'Silicon Valley' of Thailand,' he said. 'The availability of a higher-skilled labour force can be found in these cities, and strong policy support for these prioritised sectors is drawing more high-value investment.' Ayutthaya, 70 km north of Bangkok, was once the historic capital of a kingdom and is now a tourism hotspot. The city is also a key stop on the Thai-Sino high-speed rail system currently under construction. When completed, the high-speed rail will connect Bangkok to Nakhon Ratchasima, and ultimately to China via Laos, further strengthening its position as a potential logistics hub. Ayutthaya Historical Park in Ayutthaya. Ayutthaya is where one of the six stations on the Bangkok-Nong Khai high-speed rail project is to be located. The project is part of the broader Pan-Asian Railway Network. PHOTO: PIXABAY Additional reporting by Tan Ai Leng in Kuala Lumpur, Elisa Valenta in Jakarta, and Goh Ruoxue in Singapore
Dubai Eye
2 days ago
- Business
- Dubai Eye
UAE, Oman launch special economic zone
An agreement has been finalised to develop and operate the first phase of the Al Rawdah Special Economic Zone in Oman's Al Buraimi Governorate, marking a new milestone in UAE-Oman cooperation. The signing took place in Muscat during the official visit of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and the UAE's Deputy Prime Minister and Defence Minister, who led a high-level UAE delegation to the Sultanate. The new zone, to be developed by Mahadha Development Company, a UAE-Oman joint venture with DP World as majority partner, will cover 14 in its first phase and expand to 25 in the future. It will focus on sectors such as logistics, manufacturing, pharmaceuticals and food processing, and aims to boost regional connectivity with links to Jebel Ali and Sohar ports. Omani officials emphasized the zone's role in advancing Oman Vision 2040, creating jobs, attracting foreign investment, and supporting sustainable development across key industries. DP World Chairman Sultan Ahmed bin Sulayem said the project reflects the deepening trade ties between the UAE and Oman and will bring long-term economic value to both nations. — Hamdan bin Mohammed (@HamdanMohammed) May 26, 2025
Arabian Business
2 days ago
- Business
- Arabian Business
UAE and Oman to boost $15.2bn trade with massive special economic zone at Al Buraimi border
The UAE and Oman are looking to enhance booming $15.2bn trade relations with a new special economic zone at the Al Buraimi border between the two countries. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of The Executive Council of Dubai, witnessed the signing of an agreement to develop and operate the first phase of the Al Rawdah Special Economic Zone, located in the Wilayat of Mahadha, Al Buraimi Governorate, in the Sultanate of Oman. Phase 1 of the project will cover 14sq km, with expansion plans to reach 25sq km in Phase 2. The zone will benefit from direct connectivity to both Jebel Ali Port in Dubai and Omani ports, enhancing cross-border logistics. Al Rawdah Special Economic Zone boosts UAE-Oman trade The signing took place during the visit of a high-level UAE delegation to Oman led by Sheikh Hamdan bin Mohammed. The signing of the agreement, which took place in Muscat, was attended by Sayyid Theyazin bin Haitham Al Said, Minister of Culture, Sports and Youth of Oman. The agreement is part of the flourishing economic cooperation between the two nations. The agreement was signed by Ahmed bin Hassan Al Dheeb, Deputy Chairman of the Public Authority for Special Economic Zones and Free Zones (OPAZ), and Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, representing Mahadha Development Company, which will develop the new zone. Mahadha Development Company is an Emirati-Omani joint venture in which DP World is the majority partner. Sultan Ahmed bin Sulayem said: 'The Al Rawdah Special Economic Zone represents a new chapter in the growing economic relationship between the UAE and the Sultanate of Oman. 'Through close collaboration with OPAZ and our Omani partners, this new zone will strengthen our deep trade ties while reflecting our shared ambition for sustainable and diversified economic growth. 'At DP World, we are committed to developing a world-class platform that will create new opportunities for growth, strengthen connectivity and bring long-term economic value to both Oman and the UAE.' Ahmed bin Hassan Al Dheeb said: 'The Al Rawdah Special Economic Zone has been designed to support key development goals, including creating jobs, attracting advanced knowledge and modern technologies, and fostering a business-friendly environment that aligns with the sustainable development objectives of Oman Vision 2040. 'The zone's strategic location in the Buraimi Governorate, at the crossroads between Oman and the UAE, provides seamless connectivity to both Sohar Port and Jebel Ali Port. This positioning is expected to enhance logistics efficiency, lower costs, and improve market access across Gulf, Asian, and African trade routes.' Under the agreement, Mahadha Development Company will be responsible for developing the infrastructure and facilities, preparing the masterplan and environmental studies, and designing the initial layout. The first phase will target a range of economic activities, including: Manufacturing Logistics Warehousing Pharmaceuticals Medical supplies Plastics Mining Food processing Security and safety services The Al Rawdah project is a strategic initiative that will leverage its geographic location to strengthen supply chains, re-export activity, and logistics connectivity between Oman, the UAE, and international markets. The zone will serve as a key engine of economic diversification aligned with the Dubai Economic Agenda D33 and Oman Vision 2040. It aims to attract foreign direct investment (FDI), increase industrial output, and create thousands of jobs as the zone scales over the coming decades. In 2024, non-oil trade between the UAE and Oman reached a record AED56bn ($15.2bn), a 9.8 per cent increase from the previous year, highlighting the deepening economic partnership. The Al Rawdah Zone is expected to accelerate this trend by establishing a modern and advanced ecosystem for trade and manufacturing. DP World brings four decades of expertise in developing and operating economic zones, including the Jebel Ali Free Zone (Jafza), the first free zone in the Middle East and one of the most successful globally.
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Business Standard
6 days ago
- Business
- Business Standard
Blackstone-backed firms invest ₹1,060 crore in Embassy Developments
Blackstone Real Estate Fund-backed NCL SG Holdings Pte Limited and Bellanza Developers Private Limited have invested ₹1,060 crore into Bengaluru-based realty major Embassy Developments Limited through the conversion of unlisted warrants into equity shares. Bellanza Developers Private Limited is a promoter group entity. Of the total investment, Bellanza Developers has infused ₹415 crore and NCL SG Holdings has deployed ₹645 crore into the company. 'The ₹10.6 billion raised through warrant conversions by the promoter group and another key shareholder reflects the continued trust in EDL's vision and growth prospects. This infusion of capital strengthens our balance sheet and our ability to scale operations while creating sustained value for all stakeholders. We look forward to capitalising on India's real estate growth story,' said Sachin Shah, CEO and Executive Director, Embassy Developments Limited. The infusion was done via conversion of 12.7 crore equity shares, originally issued on 21 May 2024, under a preferential allotment approved by shareholders. The shares were allotted at ₹111.51 apiece upon receipt of the remaining 75 per cent of the issue price. Post allotment, Embassy Developments' total paid-up equity capital is ₹269.9 crore, comprising ₹134.9 crore in equity shares of face value ₹2 each. The revised shareholding of the promoter group stands at 42.96 per cent and Blackstone Real Estate Fund at 10.93 per cent. The company has 8.9 crore outstanding warrants pending conversion up to November 2025. Specialising in the construction and development of residential, commercial and Special Economic Zone (SEZ) projects, Embassy Developments focuses on Bengaluru, the Mumbai Metropolitan Region (MMR) and the National Capital Region (NCR), with additional presence in Chennai, Jodhpur, Vadodara, Vizag and Indore. Embassy Developments further said the equity participation underlines the strong and continued confidence shown by the promoter group and another key shareholder in the growth roadmap of EDL, with its substantial pipeline of residential and commercial projects across the country. The company stated that the funds will support upcoming project launches totalling 7.7 million sq ft, valued at over ₹15,000 crore.
