GUJARAT confirmed its status as a favoured investment destination for India Inc. in October 2008 when Ratan Tata, chairman of the Tata group, decided to relocate Tata Motors much-awaited small car project to Sanand near Ahmedabad from Singur in West Bengal.
Yet sceptics wondered if the State government would go ahead with its biennial carnival Vibrant Gujarat: Global Investors Summit in 2009, given the global market mayhem since September 2008.
The government provided the answer by enlisting Japan as a partner country in the fourth summit hosted in Ahmedabad on January 12 and 13. Business delegations from Kenya and Uganda, besides other countries in Africa, have confirmed their participation. This follows a successful visit by a delegation from the State to countries in Africa a few months ago.
By bringing together business leaders, investors, corporations and policy- and opinion-makers, the summit has served as a platform to explore business opportunities in Gujarat. This year, delegates will be able to take in the sights at the International Kite Festival on January 11 before they sit down to talk business on the next two days. From January 12 to 14, Ahmedabad also hosts a summit on the pharmaceutical industry.
Gujarat has the distinction of having the longest coastline in India (1,600 kilometres), the largest number of ports (42), airports (13), SEZs (55), focussed product clusters (83), and the longest integrated State-wide gas grid (2,200 km). It is the worlds third largest producer of denim and the largest producer of isabgol (psyllium husk), fennel seed and castor seed. It has the worlds largest irrigation canal (Narmada canal), the largest diamond-processing hub and the third largest grassroots refinery (at Jamnagar).
The first Global Investors Summit in 2003 saw the signing of 76 memorandums of understanding pledging investments worth $14 billion (Rs.70,000 crore). The 2005 summit resulted in 226 MoUs promising investments of $20 billion (Rs.1.06 lakh crore). The 2007 summit, attended by industry majors such as the Tatas, the Birlas, Reliance, Shell, General Motors and ICICI, resulted in the signing of 675 MoUs worth $152 billion (Rs.7.50 lakh crore). Many of the projects are in different stages of implementation, say officials. The hope is that this years event would help create millions of jobs for the States youth.
Virendra PanditCOMMents
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