Illustrative photo (Source: VNA) HCM City (VNS/VNA) - The Ministry of Construction has green-lighted Kien Giang province’s proposal to suspend the master plan to develop Phu Quoc Island into a special administrative-economic zone (SEZ). In a report to the Government Office, the ministry said: “Right now is not the right time to establish a master plan to develop Phu Quoc Island into an SEZ due to lack of provisions in the current laws on planning [to set up a special economic unit].” But as a long-term development strategy, it said the province should draft a new master plan to develop Phu Quoc sustainably, ultimately making it an SEZ. Kien Giang authorities had sought permission from the Government to suspend the master plan until a draft SEZ law is approved by the National Assembly. In a report to the Prime Minister, the province said it now wanted to develop the island into a normal economic zone and hire a foreign … [Read more...] about Kien Giang gets nod to delay special economic zone plans
Adani ports and special economic zone
Indonesia aims to attract 7.7 billion USD into special economic zones
Indonesian President Joko Widodo (Source:AFP/VNA) Hanoi (VNA) – Indonesian President Joko Widodo on April 1 inaugurated three special economic zones (SEZs) covering 2,200 ha of land in the provinces of East Kalimantan, North Sulawesi, and North Maluku in a bid to attract investment and spur economic growth in less-developed areas of the country. Speaking at the launching ceremony in Manado, North Sulawesi, President Widodo expressed his hope that the SEZs will promote manufacturing and other industries, thus enabling the country to export products with higher added values beyond raw materials. According to Indonesia’s Coordinating Ministry for Economic Affairs, the government aims to lure 110 trillion IDR (about 7.73 billion USD) into the three SEZs and create 120,000 new jobs by 2025. Those who invest in the SEZs will enjoy incentives related to import taxes, land, and recruitment. The Indonesian government noted that a combined 5.24 trillion IDR (about 367 … [Read more...] about Indonesia aims to attract 7.7 billion USD into special economic zones
Indonesia steps up development of special economic zones
Streets in Jakarta - the capital city of Indonesia (Illustrative image. Source: VNA) Jakarta (VNA) – The Indonesian Government is preparing for the launch of three special economic zones in 2019, according to Antara News. They are Sungai Liat and Tanjung Gunung in Bangka Belitung and Singosari in East Java. These zones are scheduled to be put into operation in February 2019. According to Indonesian officials, the three zones have been established and nearly completed. The Indonesian Ministry of Energy and Mineral Resources is coordinating with State-owned company Timah and the regional administration to make effective exploitation of tin mines in Bangka Belitung. Since 2014, the Indonesian Government has defined to develop 10 special economic zones namely Sei Mangke, Tanjung Api-Api, Tanjung Kelayang, Tanjung Lesung, Mandalika, Maloy Batuta, Trans Kalimantan, Palu, Morotai, Sorong and Arun Lhokseumawe. The zones will be gradually launched in the near future, contributing … [Read more...] about Indonesia steps up development of special economic zones
Viglacera starts construction of first IP at Cuban special economic zone
The groundbreaking ceremony was attended by Vice President of the Councils of State and Ministers Ramiro Valdes Menendez and Minister of Foreign Trade and Investment Rodrigo Malmierca Diaz from Cuba alongside Vietnam’s Minister of Construction Pham Hong Ha and Ambassador to Cuba Nguyen Thanh Trung. Minister of Construction Pham Hong Ha speaks at the groundbreaking ceremony of the first industrial park in Mariel Special Economic Development Zone (ZEDM) in Cuba. Addressing the event, Minister of Foreign Trade and Investment Rodrigo Malmierca Diaz spoke highly of the project, saying its construction begins with the 36th meeting of the Vietnam-Cuba Inter-Governmental Committee taking place in Havana from November 26 – 30. He also expressed his confidence in the success of the “strategic” project which was described as “special” in the two countries’ relations. Minister of Construction Pham Hong Ha, for his part, said long-standing … [Read more...] about Viglacera starts construction of first IP at Cuban special economic zone
Phú Quốc aims to become special economic zone
Viet Nam News KIÊN GIANG — The Phú Quốc administration seeks to make the island a special economic zone, a local official said. Mai Văn Huỳnh, Chairman of the Phú Quốc District People’s Committee, said to achieve such target the district would continue to review and solicit investment in more projects, tweak investment incentives and preferential policies and streamline administrative processes to attract investors. Tourism, commerce, healthcare, education, and high-tech agriculture would be the main pillars of socio-economic development, he said. The district has improved land administration, planning, mining, and environmental protection, and cracked down on violations, Huỳnh added. According to the management of the Phú Quốc Economic Zone, the district has 279 potential projects, 215 of them in tourism, 23 in housing, eight each in agriculture, public services and forestry. The total investment in the projects … [Read more...] about Phú Quốc aims to become special economic zone