The Kerala Industrial Infrastructure Development Corporation (Kinfra) has obtained approval from the Centre to set up a Special Economic Zone for IT/ITES at the Kinfra Film and Video Park at Kazhakuttam, near here.
Investors in the park will be eligible for various tax and duty concessions and there will be no need for a special licence for imports, an official spokesman said here on Thursday.
They will get full exemption from excise and customs duties and a five-year exemption from income tax.
There is also a possibility for 100 per cent foreign direct investments in the park.
This SEZ was notified on 12th April, 2007, as per information available in the public domain.
The developer had subsequently requested for change of sector from ‘IT (Animation and Gaming)' to ‘IT/ITES.' The developer had stated that due to global recession, the animation and gaming sector could not perform to the expected levels as indicated in the National Association for Software and Services Companies (Nasscom) reports.
Further, the Indian animation sector earns its revenue from outsourcing of work to the reputed international production houses from the US and the UK.
The share of the global market for animation sector was woefully low as compared to other IT and ITES sectors.
The developer has stated that substantial investments had been made in providing infrastructure and also for creating the requisite ambiance for promotion of this industry.