The Visakhapatnam Special Economic Zone (VSEZ) has reported a remarkable surge in exports and investments, showcasing robust economic growth in the region.
According to the latest data shared by VSEZ Zonal Development Commissioner Srinivas Muppaala, exports from VSEZ between April and December 2023 reached a staggering Rs 1,62,211 crores. This marks a substantial 24 percent increase compared to the previous year. The growth is particularly notable in services exports, which amounted to Rs 1,17,300 crores, representing a 23 percent rise. Meanwhile, merchandise exports saw a significant uptick, reaching Rs 44,911 crores, indicating a 27 percent increase.
In terms of investments, VSEZ attracted a total of Rs 1,04,961 crores, contributing to the creation of employment opportunities for 6,61,579 individuals as of June 30, 2023.
During the third quarter update, Srinivas Muppaala announced the approval of one new Special Economic Zone (SEZ) proposal and four new SEZ unit proposals in Telangana and Andhra Pradesh. These initiatives are expected to bring in investments worth Rs 980 crores and provide employment for 10,240 people.
Specifically, in Andhra Pradesh, a new SEZ unit proposal by M/s. Tanmayee Logistics in Kakinada SEZ Limited was approved. This unit will focus on providing warehousing and auxiliary services. In Telangana, the approval was granted for one new SEZ, M/s Evertop Textile and Apparel Complex Pvt. Limited, specializing in textile/apparel-related units. Additionally, three new SEZ unit proposals were approved, including M/s FMC Technologies India Pvt. Ltd (u-2), M/s Medtronic Engineering and Innovation Centre Pvt. Ltd (u-3), and M/s Maksim Infotech Pvt. Ltd., are all set to offer IT/IT Enabled Services.
The growth and expansion of VSEZ underscore its pivotal role in driving economic development, attracting investments, and generating employment opportunities in the region.