SEZs have been game changers for exports, forex earnings: VSEZ Commissioner

Special Economic Zones (SEZs) have emerged as key drivers of India’s export-led growth, contributing significantly to foreign exchange earnings, investment, employment generation and industrialisation, Visakhapatnam Special Economic Zone (VSEZ) Development Commissioner M. Srinivas said on Friday.

Addressing an interactive session organised by the Public Relations Society of India (PRSI), Visakhapatnam chapter, Mr. Srinivas said SEZs had evolved into globally competitive industrial and export hubs, supported by investor-friendly policies and world-class infrastructure.

Describing SEZs as “game changers” and engines of economic growth, he said they had played a pivotal role in boosting exports, attracting investment, creating employment opportunities and promoting industrial development.

Tracing the evolution of the concept, Mr. Srinivas said Export Processing Zones (EPZs) had gradually evolved into the present SEZ framework with the enactment of the Special Economic Zones Act, 2005, which created a conducive ecosystem for export-oriented industries.

Speaking on the regulatory framework, Vinay Mallipudi, Deputy Commissioner of Customs, VSEZ, said SEZs functioned as duty-free enclaves that were treated as deemed foreign territory for trade operations and customs purposes. He said the SEZ policy aimed to promote exports, attract investment, generate employment and develop world-class infrastructure through simplified procedures and a streamlined regulatory framework.

Mr. Mallipudi said SEZs had also made a significant socio-economic impact by generating employment, promoting balanced regional development, improving infrastructure and contributing to the overall development of surrounding areas.

The interactive session was attended by PRSI members, industry representatives and other stakeholders.