Igs plans gemopolis free zone

IGS, a local industrial-estate developer, is to spend Bt218 million on establishing a Gemopolis Free Zone Complex, which it says will be the first gems and jewellery complex of its kind in Thailand.

The company yesterday signed a memorandum of understanding with the Industrial Estate Authority of Thailand (IEAT) to set up the free-trade zone in a new Gemopolis Industrial Estate in Bangkok.

The project targets local and foreign operators in gems and jewellery who want to boost their exports of value-added products.

"So far, many operators have been interested in this complex. It will not only mean exemption from some duties for them, but it will also become another shopping destination for foreign tourists because it is located close to Suvarnabhumi Airport," said IEAT governor Monta Pranootnorapal.

Operators in the free-trade zone will be exempt from both import and export duties, which will increase their competitiveness in the global market.

In addition, the complex will cover warehouse services, distribution channels, trade fairs and packaging activities for the operators.

The Gemopolis Free Zone Complex will be regulated by the IEAT. The complex, a medium-sized building on approximately two rai, will contain 47 units for rental. It is scheduled to be completed and open for rental next year.

It will be supported by both manufacturers and traders in gems and jewellery, as well as those in other products such as wristwatches and bags.