Korea picks Nagaland for investment

CONA International Ltd, a South Korea-based company will invest in Nagaland. The company has signed two Memorandums of Agreement (MoAs) with Nagaland Government for investment in industries & commerce and agro and food processing sectors.

The first MoA was signed with the Department of Industries & Commerce and the second with Nagaland Industrial Development Corporation Limited (NIDC). The Korean company was represented by its president Chang-Sun Moon. The MoA referred CONA International Ltd as the investor and “Second Party”.  CONA International Ltd, a consortium of investors, expressed willingness to set up some industrial processing units and a polytechnic institute in Nagaland to impart training in various trades and languages for job placement for Naga youths in Korean companies, both in India and abroad.

According to the five-point MoA, the State Government agreed in principle to rent/lease out unoccupied developed area and allot vacant areas of IGC, Ganseshnagar, along with all infrastructures to the investors for setting up of the processing units and polytechnic institute.

It was agreed that Government of Nagaland shall extend all support and assistance to CONA in obtaining approval/clearances as required by the individual units.

CONA also signed another agreement with the NIDC for investment in the agro and food processing sector. Earlier, the NIDC developed a Special Economic Zone (SEZ) for agro and food processing at Ganeshnagar, over an area of 50 hectares. Later, a formal approval was accorded by Government of India for setting up of a Sector Specific SEZ. NIDC and CONA agreed in principle to make available all infrastructures including industrial sheds/plot etc. The terms and conditions including the lease agreement shall be worked out only on approval of the units by the Approval Committee as per the “Special Economic Zones Rules 2006.”

It was agreed that both sides shall strictly follow the SEZ Act, 2005, and SEZ Rules, 2006, and all other Rules and Guidelines that may be framed there under, from time to time. The MoA stated that NIDC must extend all possible help to CONA in obtaining official approvals and clearance from the Central government and also provide all infrastructures needed for the development, operation and maintenance of the SEZ, permissible as per the special Economic Zones Rules, 2006.

Meanwhile, Chang-Sun Moon expressed gratitude to the State government, chief minister Neiphiu Rio in particular, for inviting CONA to invest in Nagaland.

Chang-Sun Moon disclosed that technical experts would arrive in the State by next month to begin preliminary works. He was confident that the food processing units would be operational by either November or December this year. 

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