The Hindu : Business : Textile units invited to invest in Kazakh's SEZ

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Saturday, Jun 10, 2006

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Business

Textile units invited to invest in Kazakh's SEZ

Special Correspondent

Kazakh well connected by rail and air transport; investment safety guaranteed

NEW DELHI: Kazakhstan on Friday asked Indian investors to take a look at the opportunities offered by it in the 200-acre `Ontustyk' special economic zone.

Inviting investors to Kazakhstan, Berdibek M. Saparbayav, Deputy Head of the Office of the Prime Minister of the Republic of Kazakhstan, said it was an opportunity to invest in setting up enterprises in the SEZ since the cost of setting up units was much less than in India, China, Turkey and Pakistan. Focusing on the highlights of the `Ontustyk' SEZ at an interactive session organised by the Confederation of Indian Industry (CII) here on Friday, Mr. Saparbayav said Kazakhstan should be a favoured destination for investment in view of the connectivity that it provided through rail and air transport to other countries as well as for local transportation.

Situated strategically between Russia and China in the South and in close proximity to other cotton producing regions like Tajikistan, Uzbekistan and Turkmenistan, Kazakhstan has been on the upward growth trajectory with a GDP of 9.4 per cent and an unemployment level coming down to 8.1 per cent last year.

Mr. Saparbayav gave an assurance to investors on safety as protection of investors in Kazakhstan was guaranteed and the labour courts of the land were there to take care of any disputes.

"Kazakhstan appears to be an attractive destination for investment by the Indian textile industry, which is in buoyant mood due to the interest taken by the Government in this sector recently,''said S. P. Oswal, Chairman, CII Textile Committee.

He said zero per cent corporate income-tax, VAT, full exemption from land and property tax and custom duty were some of the salient features of the SEZ.

CII signed an MoU with Kazakhstan to specially focus on investment activity in the SEZ `Ontustyk'

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