VSEZ records 34% increase in exports

Visakhapatnam: Zonal Development Commissioner of Visakhapatnam Special Economic Zone (VSEZ) Srinivas Muppaala stated that the VSEZ has recorded exports to the tune of Rs 50,195 crore during the first quarter of 2023-24, recording an increase of 34 per cent over the previous year for the corresponding period.

Of this, services exports include Rs 35,992 crore and merchandise exports are Rs 14,203 crore. Services exports grew by 36 per cent while merchandise exports increased by 28 per cent over the previous year for the corresponding period.

VSEZ has attracted investment of Rs 1,04,961 crore and generated employment to 6,61,579 people as on June 30. Further, Srinivas informed that during the quarter, 12 new proposals have been granted approval for setting up of units in the SEZs in the States of Telangana and Andhra Pradesh. These units will make an investment of Rs 1,956 crore and provide employment to 2,943 people.

In Andhra Pradesh, three manufacturing units have been granted approval. They include Advait Biofuels Pvt. Limited for manufacture of Biodiesel, Biocon Limited and Granules CZRO Pvt Limited for manufacture of pharmaceutical products.

In Telangana, nine units have been granted approval. Earlier, the World Environment Day was celebrated at the zone where plantation of saplings was undertaken in a big way, involving all the department heads of the VSEZ.