VSEZ sees record export growth

Visakhapatnam: VISAKHAPATNAM Special Economic Zone (VSEZ)-Duvvada which has SEZs of Andhra Pradesh, Telangana and Chattisgarh under its jurisdiction has achieved a major milestone by exporting to the tune of Rs 1,03,513 crore ($14 billion), and crossed one trillion rupee mark for the first time in the past 32 years.

Growth in merchandise was 24.39 per cent and increase in services was 11.77 per cent. "VSEZ has recorded an increase in the exports by 15.6 per cent so far, the highest in terms of percentage of growth among the seven zones in the country," said A Rama Mohan Reddy, VSEZ Development Commissioner.

A day after celebrating 32nd Formation Day, he told Bizz Buzz on Tuesday that VSEZ stood first in the country in terms of percentage of growth. He said they were expecting to increase exports by Rs 7,000 crore by end of FY 2020-21 notwithstanding the dislocation caused for sometime due to the pandemic.

The services sector contributed to 66 per cent, pharma and biotech 20 per cent, trading & services 4 per cent, metal and alloys 3.45 per cent and all other sectors put together accounted for 6.5 per cent contribution. He said, APSEZ, Atchutapuram, a multi-product SEZ spread over 900 hectares, has 16 manufacturing units, and invested Rs 4,000 crore with direct employment to 3,200 people.

The total exports from the units in APSEZ-Atchutapuram touched Rs 4,884 crore till February, 2021, and recorded a growth of 19.74 per cent. During the lockdown, Laurus Labs of APSEZ exported 11.47 million tablets of HCQ to USA, South Africa,

Singapore, Malawi and other parts and achieved commendable exports.

VSEZ (erstwhile Visakhapatnam Export Processing Zone) was set up at Duvvada in Visakhapatnam by the Ministry of Commerce in an area of over 360.5 Acres on March 15, 1989. It is the youngest in the country, the first being Kandla set up in 1965. Later with the promulgation of SEZ Act and Rules in 2005, VEPZ was renamed as Visakhapatnam Special Economic Zone.

VSEZ regulates SEZs in AP, Telangana, Chattisgarh and Yanam (part of Puducherry UT). SEZs in the country have contributed to Rs 7.86 lakh crore foreign exchange and provided employment to 22.15 lakh people with an investment of Rs 5.75 lakh crore.

VSEZ has 61 SEZs (out of 253 in India) fully operational, with 526 units spread over AP, Telangana and Chattisgarh. The zone achieved exports to the tune of Rs 96,886 crore ($13,826 million) during 2019-20 with an export growth of 32.79 per cent. So far, an investment of Rs 56,180 crore has been made under VSEZ and employment provided was to the tune of 3.93 lakh on regular basis.