UP Investors Summit Current Affairs - 2020
Prime Minister Narendra Modi laid the foundation stone of country’s first Mobile Open Exchange (MOX) zone in Noida, Uttar Pradesh. UP government had signed MoU with World Trade Centre, Noida at UP Investors Summit to develop Tech Zone which will act as catalyst for growth of mobile and allied sectors in the state.
Mobile Open Exchange (MOX) zone
MOX will be dedicated ecosystem for mobile industry, providing integrated platform to mobile manufacturers, research and development (R&D) and allied industries. It brings service providers, handset manufacturers, mobile content, application and service providers, retailers and distributors at one place which promotes indigenous R&D in hardware and start-ups in app development and other domains of the industry.
This unique zone will play pivotal role in attracting investment and area will reap huge benefits from it. The ecosystem will channelize foreign direct investment (FDI) and generate revenues from consumption-based and destination-based taxes. Moreover, its proximity to universities will strengthen industry-academia relations and provide them opportunity to work together in R&D. Chinese company already has set up its manufacturing facility in WTC Noida complex and directly and indirectly employs over 15,000 people.
Tags: Business • Economy • Mobile Open Exchange zone • Noida • UP Investors Summit