Sabroom, the southernmost town in the state bordering Bangladesh, saw the laying of the cornerstone for Tripura's first Special Economic Zone (SEZ) on Friday.

The SEZ, which is being developed by the Tripura Industrial Development Corporation (TIDCO), will come up on an area of about 500 acres. The SEZ is being developed with the aim to promote industrialization in the state and generate employment opportunities. It will have facilities for industries such as textiles, agro-processing, pharmaceuticals, electronics, and Information Technology (IT).

The South Tripura District's Paschim Jalefa, which is 130 kilometers from Agartala, is where the SEZ is being built. This economic zone will be dedicated to agro-based food processing.

Around 1550 Crore will be invested in the project, according to estimates. Tripura Industrial Development Corporation (TIDC) Ltd. will be SEZ's developer. According to estimates, the SEZ will create 12,000 skilled employees. The SEZ will be home to enterprises focusing on rubber, textile and apparel, bamboo, and agri-food processing.

Given the proximity of the Chittagong Port and the ongoing bridge construction over the Feni River in South Tripura, the creation of the SEZ in Sabroom will create new opportunities for luring private investment.

The SEZ will be set up in an area of 10,000acres and will be developed in phases. The first phase of the SEZ will focus on the development of infrastructure, including roads, power, water, and sewerage facilities. The SEZ is being developed with the aim of attracting investment in the manufacturing and service sectors. The SEZ is expected to create employment opportunities for the people of Tripura and boost the state's economy.

The SEZ will have a variety of industries, including textiles, pharmaceuticals, electronics, and food processing. It will also have a dedicated export zone, which will promote the export of products from the state.

Under Section 10AA of the Income Tax Act, SEZ units will receive a full income tax exemption on export income for the first five years after it is established. Additionally, a 50% exemption and a 50% reinvestment of export profit will be offered for the following 5 years.