Visakhapatnam, Apr 24 (KNN) The Visakhapatnam Special Economic Zone (VSEZ) recorded a stellar performance in exports during the 2023-24 financial year, according to Srinivas Muppala, the Zonal Development Commissioner.

The total exports from VSEZ stood at Rs 2,24,631 crore, registering an impressive 24 per cent increase compared to the previous fiscal year. 

This includes service exports worth Rs 1,54,707 crore, growing at 18 per cent, and merchandise exports valued at Rs 69,924 crore, surging by 43 per cent.

In a significant development, the VSEZ authorities approved 31 new Special Economic Zone (SEZ) unit proposals, with nine hailing from Andhra Pradesh and 22 from the neighboring state of Telangana. 

Notably, a proposal from M/s. PSKS Golden Gem House Private Limited was greenlit for setting up a unit in VSEZ dedicated to diamond cutting, polishing, and the manufacture of gold ornaments, Muppala added.

The growth of VSEZ has been accompanied by substantial investments and job creation. During the period ending December 31, 2023, the zone attracted investments totaling Rs 1,10,094 crore and generated employment opportunities for 6,10,186 individuals, he added.

(KNN Bureau)