With an aim to produce globally competitive products, India is planning to set up reverse special economic zones (SEZs) in Iran, mainly in the fertiliser and petrochemical sector. India is keen to explore the possibilities of setting up of reverse SEZs under which domestic firms mainly related to fertiliser and petrochemical sector will be encouraged to set up plants in other countries where raw material is in abundance and available at cheaper rates, while the final product will be imported back.
Minister of Chemicals and Fertilizers Ananth Kumar has asserted that a Joint Working Group between India and Iran in these areas with officials from both the countries will work out a roadmap for cooperation. Meanwhile, some state-run firms include RCF and GNFCL are already working on a proposal to set up a urea-ammonia plant.
The Ministry is of the view that Iran could be an ideal place to start reverse SEZ project since many refineries in India already import crude from Iran and have working business relationship with Iranian companies. Meanwhile, India is also likely to extend the reverse SEZs project to Myanmar and Mozambique as these countries have abundance of oil and gas resources, a key feedstock for petrochemicals and petroleum industry.
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