“Kazakhstan appears to be an attractive destination for investment 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.
Oswal was speaking at the CII meeting of Indian textile industry with a high level Kazakh Government delegation. Kazakh Government has set up a Special Economic Zone for textiles “ONTUSTYK” in Kazakhstan and a delegation was here to invite Indian Textile industry to invest n the SEZ.
Zero per cent Corporate Income Tax, VAT, full exemption from land and property tax and custom duty are some of the salient feature of the SEZ.
Making a presentation of the highlights of the 'Ontustyk' SEZ at an interactive session oganised by the Confederation of Indian Industry (CII), Berdibek M. Saparbayev, Special Envoy of the Prime Minister of Kazakhstan and Deputy Head of Kazakhstan's Prime Minister Chancellery said that this 200 acre SEZ for textiles enterprises would have 15 textile enterprises and was expected to attract an investment of more than 500 Billion US Dollars.
Inviting investors to come to Kazakhstan, Saparbeyev pointed out that that the cost of setting up industry was much less there than in India, China , Turkey or Pakistan as far as rates of power, gas and labour costs was concerned, besides the tax exemptions that he had mentioned.
He also pointed out that Kazakhstan should also be a favoured destination for investment due to the connectivity that it provides through rail and air transport to other countries as well as for local transportation of the goods manufactured in the SEZ.
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