New SEZ approval abeyance temporary: Govt

New Delhi, Jan 23: The Government today sought to allay fears of investors regarding the future of investments made by them in Special Economic Zones (SEZS) projects by clarifying that the empowered Group of Ministers (EGoM) would meet shortly and take a final decision on all pending issues.

"It is only pending decision by the EGoM that the new approvals and notifications have been temporarily held in abeyance," the Commerce Ministry said in a statement here, adding that the EGoM is expected to meet shortly and final decisions would then be taken on all pending issues.

Following today's news reports, the SEZ developers and other stakeholders have expressed apprehensions regarding the future of the SEZ policy on the basis of the decisions of the EGoM meeting.

Responding to these fears, the statement said, "as highlighted in some media reports, the EGoM meeting held on January 22, 2007 to review the status of SEZ approvals (as per decision taken in the August 23, 2006 EGoM meeting) was inconclusive...The EGOM is expected to meet shortly and final decisions would then be taken on all pending issues."

UNI