India looks to set up reverse SEZ in Mozambique

India is planning to set up reverse SEZ in Mozambique for pharmaceutical and fertilizer sector.

The Dollar Business Bureau

India is planning to establish reverse Special Economic Zones (SEZs) in Mozambique, primarily for the pharmaceutical and fertilizer sector, said Minister for Chemicals and Fertilizers Ananth Kumar.

“It is our aim to set up reverse Special Economic Zones (SEZ) in countries rich in oil and gas with committed exports back to India. After Iran, we are now planning to establish SEZ in Mozambique,” the minister said during at the launch of an event in Mumbai on Thursday.

He added that the discussions to set up SEZ in Iran are progressing, specifically after Prime Minister Narendra Modi’s visit to the Islamic Republic.

India is discussing to establish a natural gas-based petroleum plant-cum- petrochemicals compound with Iran.

“PM Modi's Iran visit and bilateral discussions with the President of the country have boosted the efforts for setting up of SEZ. India’s engagement with Iran will remain on the same lines and the government is also going to have the same engagement with Mozambique,” Kumar said.

Kumar further said that the discussions are in the preliminary stage with Mozambique, thus, it would be difficult to calculate the amount of the gas needed and to decide on the prices.

“The manner in which the Chabahar port SEZ in Iran will be a big gateway of possibilities for bilateral trade between the two nations, in the same way government will develop ties with Mozambique,” he added.

The Dollar Business Bureau - Jun 17, 2016 12:00 IST