London: Indian Government will soon introduce a legislation for creating special economic zones to develop biotechnology parks and free trade warehouses with 100 per cent Foreign Direct Investment (FDI).

"Shortly, in a month or two, I shall be introducing legislation for special economic zones. These include biotechnology parks and free trade warehouses zones," Commerce and Industry Minister announced in London last night.

"In all these, Foreign Direct Investment up to 100 per cent will be permitted including the real estate developments in those zones," the minister said at a discussion with entrepreneurs to promote India as an investment destination for UK companies organized by FICCI (Federation of Indian Chambers of Commerce and Industry) and the London Chamber of Commerce and Industry.

The zones will be in specially designated areas for economic purposes with state-of-the-art infrastructure.

Nath said India has made steady progress in its export drive. Reeling out figures, he said despite stiff competition the exports in the current year ending March 31, had gone up to $ 75 billion as against $ 63 billion in the previous year.

He admitted that there were problem areas and infrastructure was one of them.

"We require $ 150 billion over the next five years for developing infrastructure - $ 75 billion in power sector, $ 25 billion in telecommunications and $ 50 billion in airport, seaport and roads.

"It is not only a challenge but an opportunity for foreign investors," the minister added.