Goyal added that the government is also working on decisions to renovate and rebuild SEEPZ.
Union Minister Piyush Goyal said on Saturday that the government is working to provide a conducive environment and market access for the gem and jewelry sector. The Minister of Trade and Industry was speaking at a groundbreaking ceremony for a massive joint facility hub in the Santa Cruz Special Economic Zone for Electronic Export Processing Zone (SEEPZ SEZ) here.
“We need to make this industry not a US$40 billion industry alone but we have a much bigger ambition. For our part, we will do everything we can to reach those really outstanding numbers that you have shown to increase the potential of this trade,” said the Union Minister of Trade and Industry, Consumer Affairs, Food and Distribution. General and Textiles, Piyush Goyal: “We are working with many countries to provide the enabling environment and market access especially for the gem and jewelry sector.” This project is expected to open on May 1, 2023.
“We aim to complete this project in the face of the winds of Covid,” the minister said. Goyal added that the government is also working on decisions to renovate and rebuild SEEPZ. He added, “By the way, we have made a lot of other decisions about the comprehensive regeneration and reconstruction of the entire SEEPZ area…Ideally, we can use the same methodology that was followed for this project.”
The massive CFC will provide joint manufacturing operations and related services to the jewelry industry. “The new Mega CFC will provide an impetus for small manufacturers to raise the quality level of their production, which in turn will contribute significantly to the country’s exports. Shyam Jaganathan Shriram, SEEPZ Special Economic Zone Development Commissioner, said the mega-cities hub in the region will not only be a training and skills transfer facility, but will be A powerful symbol of progress.
This will help reduce production cost and result in knowledge transfer between these units, thus providing a competitive advantage. The massive Shared Facilities Center (CFC) for Gem and Jewelery will be one of two such facilities (the other in Surat) that will provide the latest technology for manufacturing and other associated processes in the gem and jewelery sector.
“There is a commitment of Rs 200 crore to renovate and redevelop SEEPZ-SEZ, and set up a massive CFC with a budget of Rs 70 crore,” said Colin Shah, Chairman of the Gem and Jewelery Export Promotion Board. “This project aims to bring the gem and jewelry sector one step closer to the nation’s envisioned Atmanirbhar Bharat,” Shah said.
Currently, the SEEPZ region contributes approximately $3 billion to our total gem and jewelry exports annually, but with better infrastructure and technology, it has the potential to contribute between $7-10 billion annually.
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