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India now looks to set up reverse SEZ in Mozambique.


Date: 17-06-2016
Subject: India now looks to set up reverse SEZ in Mozambique
Mumbai, Jun 16 : Government is now also planning to set up a reverse Special Economic Zones (SEZ) in Mozambique mainly for the fertiliser and petrochemical sector, while it is already in talks with Iran for a proposed SEZ there, Union Minister for Chemicals and Fertilizers Ananth Kumar said.

"It is our endeavour to establish reverse Special Economic Zones (SEZ) in oil and gas rich countries with dedicated exports back to the country. After Iran, now we are also considering setting up SEZ in Mozambique," Kumar said at the launch of India Chem 2016 here today.

He said the talks on setting up SEZ in Iran are progressing especially after the visit of Prime Minister Narendra Modi to the country.

Government is in talks with Iran for setting up a natural gas-based petroleum plant-cum-petrochemicals complex there.

"Modi's visit to Iran, and bilateral talks with the topmost leadership of the country have strengthened the move (setting up of SEZ). I think, our Iran engagement will continue on the same lines and we are going to have engagement with Mozambique as well," Kumar said.

The minister said that when India is able to set up the reverse SEZs in oil and gas rich countries, feed stock and intermediaries -- considered to be building blocks -- are required to be made available at affordable prices so that the petrochemicals industry will become globally competitive.

He further said the talks with Mozambique are at preliminary stage and therefore, it will be difficult for quantification of amount of gas required and determine its pricing. "Once the talks are fructified, we will be able to give the details," Kumar added.
"The way Chabahar port SEZ in Iran will be a huge gateway of opportunity for bilateral trade between the two countries, we will develop similar ties with Mozambique," he said.

Source : timesofindia.indiatimes.com

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