Shenzhen Zone Style SEZ Comes To Andhra Pradesh; Gujarat Launches Special Policy for Tech Startups
Shenzhen Zone, which contributes 20% of China’s economics is considered one of the largest global hubs for manufacturing and distribution. Established in 1980, Shenzhen Special Economic Zone transformed China’s economy and unleashed a new wave of development.
Inspired by Shenzhen, the coastal town of Kakinada in Andhra Pradesh will soon get it’s own special zone, which is expected to generate employment for thousands of workers.
Andhra Pradesh Govt. in-association with Chinese firm ZTESoft will launch ‘joint incubation centre and smart city innovation hub’ in Kakinada, which will promote entrepreneurship and help startups get incubate. ZTESoft is a fully-owned subsidiary of ZTE Corporation, one of the largest telecom firms in China.
The Letter of Intent has already been signed between Shenzhen and Andhra Pradesh, thereby making it among the first such partnership between India and China. As per details available, AP-Shenzhen Joint Incubation Centre shall be a venture between the Innovation Society of Andhra Pradesh government, which will hold 85% share and Qinhai Authority/ZTESoft which will hold 15% share.
In fact, Andhra Govt. has already allocated a budget of Rs 13.60 crore while ZTESoft will invest Rs 2.40 crore. 670 people would be direct employment due to this incubation center, while 2500 would get indirect employment.
As per another report, ZTESoft Technology Private Ltd and the Qianhai Authority of China has proposed to Andhra Govt. to establish this incubation center, which will help to raise Rs 1000 crore from China for tech startups.
Gujarat Launches Policy Framework For Tech Startups
Gujarat Govt. has come up with their very first policy framework for tech startups, called ‘IT and Electronics Startup Policy’. Under this framework, Gujarat Govt. is planning to attract Rs 7000 crore worth of investments in this sector.
Gujarat Govt. has made plans to develop 50 incubators, to mentor and guide 2000 tech startups in the next 3 years.
As per CM Anandiben Patel, these 50 incubators would receive 10 lakh sq feet of land, along with mentorship and guidance. In fact, Govt. will provide Rs 5 lakh as mentorship assistance and Rs 1 crore for procuring software.
CM said, “For better results, we will involve industries as well as education institutes under this policy . In August, we will organize a workshop to spread awareness about this policy . We will also invite experts to evaluate the viability of new startups”
Couple of conferences and events would also be organized in August to attract VCs in the state.
