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Vibrant Gujarat Summit 2019 sees entrepreneurial spirit, 28,360 MoUs inked

Vibrant Gujarat

Shaping a new paradigm across various sectors and focusing on business and networking, the ninth edition of the Vibrant Gujarat Global Summit 2019 saw high entrepreneurial spirit as 28,360 memorandums of understanding (MoUs ) were inked during the three-day event (18 to 20 January 2019) held at the Mahatma Mandir Exhibition-cum-Convention Centre in Gandhinagar, Gujarat. Over 33,000 delegates from India and across 100 countries participated in the summit.

The first summit was held in 2003 and over the years the investment intentions by promoters have shown strong growth. The year 2003 saw 80 MoUs worth Rs 66,068 crore being signed. The number of MoUs grew rapidly post-2009 and reached 21,304 in 2015. The previous edition held in 2017 saw 25,578 MoUs being inked. This year’s edition, took a step forward, as many as 28,360 MoUs were inked with Indian companies as well as with foreign countries expressing their desire to invest in the state.

Vice President

The global summit with a tag line ‘Shaping a New India’, with an aim to boost trade and exports saw investments across sectors such as ports, defence & aerospace, renewable power space, technology, healthcare, micro, small and medium enterprises (MSMEs), refinery, aviation, among others.

Of the total MoUs signed in 2019, around 77 percent (21,889) came from Micro, Small and Medium Enterprises (MSMEs). The event saw 408 MoUs signed in agro and food processing, 548 in power and gas, 1,516 in urban development, 977 in mineral-based projects, 197 in engineering and auto and the remaining in other sectors.

One of the major announcements during the summit was made by the Reliance Industries (RIL). Mukesh Ambani, Chairman of RIL, committed to invest Rs three lakh crore in various projects in the next 10 years in Gujarat. The investment will range from energy and petrochemical to new technology and digital business. The company has so far invested nearly Rs three lakh crore. The proposed investment will create job opportunities for one million. Also, Reliance Foundation will pour Rs 150 crore towards Pandit Deendayal University.

While Essar Group intends to develop an LNG terminal and port-based smart city in Hazira at an investment to the tune of Rs 7,485 crore, creating jobs for 1,600 people, Adani Group plans to develop a cargo handling terminal for a petrochemical complex at Mundra, a captive jetty for their cement plant at Lakhpat and Ro-Ro terminal at Mundra at a total proposed investment of Rs 3,500 crore. Moreover, Aditya Birla Group also promised an investment to the tune of Rs 15,000 crore in Gujarat in various sectors.

Tata Sons

Adani Group also pledged for huge investment worth Rs 55,000 crore over the next five years in Gujarat. Under the renewable energy segment, the company’s investments will include the world’s largest Solar Hybrid Park in Khavda. The anticipated investment in this park is worth Rs 30,000 crore,. It also plans to establish one GW Data Center Park in Mundra, one million tonne of copper smelting and refining project, cement and clinker manufacturing unit in Lakhpat, integrated lithium battery manufacturing complex and expand its photovoltaic manufacturing capabilities.

On the lines of the event, the Gujarat Maritime Board (GMB) received 96 investment intentions worth Rs 36,128 crore. Along with 96 investment intentions and 30 strategic partnerships, a total of 126 partnerships were witnessed in the ports and port-based sector. Moreover, GMB inked 13 MoUs with an intended investment of Rs 19,542 crore.

The Airports Authority of India (AAI) entered into a memorandum of understanding (MoU) with the government of Gujarat, for the construction of airports at Ankleshwar and Dholera Special Investment Region (SIR).

Suzuki Motors

The Dholera Industrial City Development (DICDL) also signed several MoUs with various organisations for deploying/setting up infrastructure and facilities. These include companies such as Foundation for Innovation and Technology Transfer (FITT), IIT Delhi, CRRC Nanjing Puzhen Company, among others, which will join hands with DICDL and work together in infrastructure development in Dholera SIR.

As many as 273 MoUs were signed in the healthcare and pharmaceuticals sectors with a proposed investment of Rs 8,223.21 crore. The projects will create jobs for 18,915 people. Thirty-two big-ticket MoUs were inked with the proposed Rs 6,531.4 crore creating employment for 10,630 people.

The China-based stainless steel maker, Tsingshan Holding Group, also announced its plan to make an investment to the tune of USD three billion in Dholera, Ahmedabad district. The investment will be made in conjunction with the company’s Indian JV partner Chromeni Steel.

In a bid to further strengthen relationship between India and Africa, Africa Day was celebrated at Mahatma Mandir during the Global Summit for the first time. As many as 50 of the 54 African nations participated in the celebrations.

Overall, the summit which took place for three days ended with signing of 28,360 MoUs. These projects will create job opportunities for 21 lakh people, thus building a bridge to huge global opportunities.

CM of Gujarat

As per the 73rd Projex Investment Survey of Projects Today, the state attracted 185 fresh projects with investment to the tune of Rs 15,040.22 crore. Overall, in the last three quarters (Q1-Q3 FY19) the state has garnered 567 fresh projects with investment worth Rs 69,775.52 crore.

As of 31 December 2018, there were 3,888 projects entailing a total projex investment of Rs 9,53,430 crore on the investment board of Gujarat. Of the total, 1,112 projects entailing an investment of Rs 3,03,247 crore were under various stages of execution.

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