Although the 2021 edition of the biennial Vibrant Gujarat Summit has been called off because of the raging pandemic, the Gujarat government is intent on keeping the investment momentum going. The state government has written personalised letters to chairmen and CEOs of over 700 global companies based in over 50 countries, inviting them to invest in Gujarat.
The companies which have been approached are those which are looking to expand their operations or shift their units out of China in the post-Covid era. These companies are from about 40 diverse sectors ranging from pharmaceuticals to finance technology (fintech).
The government of India is also partnering the state government in its endeavour to attract fresh investment. Union ministries and departments like department for promotion of industry and internal trade, department of electronics& it, ministry of textiles, pharmaceuticals and chemicals etc. have assured full support to the latest endeavour by the state government.
Armed with a new industrial policy which offers several incentives to businesses, plug-and-play infrastructure for industries at the special investment regions of Dholera, Becharaji and Dahej and the GIFT city which is a hub for fintech companies, the Gujarat government aims to provide the best business environment to companies from a variety of sectors.
Additional chief secretary in the chief minister’s office, Manoj Das, said the state government has been engaging with global companies through webinars, video conferences, etc. “Although the 2021 edition of Vibrant Gujarat Summit has been put off, we decided to continue our engagement with global investors to attract investment to the state in the post- Covid world,” he said.
Das added, “Global companies are also looking at several other countries from the ASEAN region such as Vietnam, Bangladesh, Thailand, etc. for investment. Based on analysis and current trends we are primarily targeting companies from the USA, Japan, Taiwan, South Korea, UK, Germany, France and Canada. In India, Gujarat has been the most preferred business & investment destination for large multinationals for the past several years. We have set out a target to attract at least 10% of these companies who are looking to set up new facilities in the ASEAN region.”
The official said that despite the lockdown and major adverse economic impact of the pandemic, Gujarat attracted the highest FDI. “As per the official data released by DPIIT, Gujarat received highest FDI worth Rs 1.58 lakh crore ($21.24 bn) between April and December 2020. In the first six months of FY2020-21, Gujarat registered a 550% growth in FDI as compared to the corresponding period of the previous year. We expect this trend to continue and a good number of companies will invest in the state,” Das said.