Expo 2020 Dubai: Come and invest in Gujarat, says CM Bhupendra Patel

Gujarat Chief Minister Bhupendra Patel — on his maiden foreign trip — on Wednesday met several business leaders of Dubai and visited the UAE pavilion at the Expo 2020 to promote the upcoming Vibrant Gujarat Global Summit (VGGS) and attract foreign direct investments (FDIs) in the state. The two-day VGGS Roadshow recorded the signing on 19 Memoranda of Understanding (MoUs) worth more than $3.97 (Dh14.58) billion) across various sectors.

The two-day VGGS Roadshow recorded the signing on 19 Memoranda of Understanding (MoUs) worth more than $3.97 billion (Dh14.58 billion) across various sectors.

Patel took time off from his hectic schedule to speak exclusively with Khaleej Times.

Edited excerpts from the interview:

The 10th edition of the Vibrant Gujarat summit is scheduled to be held from January 10 to 12, 2022. How will this roadshow in the UAE help?

Gujarat is the best-performing state in India in terms of industrialisation and attracting FDIs. We are confident that the summit will help build on our growth momentum to achieve and facilitate new partnerships between business communities in India and the world.

The UAE-India comprehensive strategic partnership introduced a few years ago has boosted economic cooperation and aligned the ambitions of both countries. Large business groups in the UAE are well-positioned to leverage their resources to invest in Gujarat and benefit from the economic opportunities in our state.

I’m here to invite potential investors and businessmen to visit us at the VGGS, our biggest biennial investment conference. The participants will benefit from meeting and networking with more than 5,000 businessmen, industrialists, investors, bankers, project developers, and senior government officials seeking new business opportunities, potential project collaborations, strategic partnerships, and innovative ideas.

How has Indian Prime Minister Narendra Modi, whose brainchild is Vibrant Gujarat, shaped the biennial event through the years?

VGGS, a biennial event, was conceptualised in 2003 under the visionary leadership of Narendra Modi, Prime Minister of India (then the Chief Minister of Gujarat). Today, the VGGS has evolved into one of the most reputed global forums for business networking, knowledge sharing, and strategic partnerships for inclusive socio-economic development.

VGGS has repositioned Gujarat not only in India – but on the global map as a preferred investment destination globally and helped change the economic landscape of the state.

Due to the visionary leadership of PM Modi, Gujarat has emerged as the most industrialised state in India and continues to propel India’s growth agenda through inclusive and sustainable development. With a meagre 5 per cent of India’s population, Gujarat contributes 8 per cent to India’s gross domestic product (GDP).

Data shows that 17 per cent of industrial output and over 20 per cent of India’s exports trace their origin to Gujarat. Gujarat's manufacturing sector accounts for 37.5 per cent of the state’s GDP, which is higher than the national average of 17 per cent. Gujarat attracted highest FDI equity inflows worth $21.9 (Dh80.44) billion during financial year 2021, which is 37 per cent of the total FDI equity inflows across states in India.

Gujarat tops the chart in sectors such as textiles, chemicals and petrochemicals, pharmaceuticals, ceramics, gems and jewellery, renewable energy, maritime and automotive.

How is Gujarat opening its doors to foreign investors?

Driven by proactive policymaking, Ease of Doing Business, an investor-friendly approach, robust industrial infrastructure and augmented quality of life, Gujarat is the most preferred investment destination and to do Business by Indian and global conglomerates.

Companies from the United States of America (USA), Japan, France, Germany, Netherlands, the United Kingdom (UK), Switzerland, Italy, Sweden, the UAE, the Kingdom of Saudi Arabia (KSA), Qatar have shown keen interest in investing in Gujarat across various sectors like renewables, chemicals and fertilisers, food processing, financial services, etc.

The Gujarat government is inviting foreign investors to benefit from $82.86 (Dh304.35) billion worth of business opportunities through 928 mega projects.

Of these, 223 projects are in the Transport sector, worth $40.44 (Dh148.54) billion, followed by the materials sector having 98 opportunities worth $24.81 (Dh91.13) billion, while the water and sanitation sector has 168 opportunities worth $10.4 (Dh38.20) billion. According to a report by India Investment Grid, the state’s Energy sector has 84 projects worth $11.88 (Dh43.64) billion.

What are the advantages of investing in Gujarat?

Gujarat’s geographic location helps it offer excellent connectivity both within and outside the country. Supplementing that, the state has an extensive and modern infrastructure network, expanded further by several massive investment programmes. Several international companies have been engaged to build this new infrastructure and upgrade the existing ones to global standards. Consequently, Gujarat has been ranked first in the national ‘Logistics Ease Across Different States (LEADS)’ index of 2018, 2019 & 2021.

The utility offerings (Gas, Power, Water, etc.) of the state are unrivalled against any other state of the country.

Gujarat has developed futuristic investment regions like Dholera, GIFT City, and DREAM City equipped with state-of-the-art infrastructure with plug and play facilities for companies looking to invest in Gujarat.

The Gujarat government is known for its business-friendly and investment-supportive environment. It implements a policy-driven approach, offering several incentives to attract investors. Gujarat has always been the leading state for revising regulations in order to create favourable business conditions for investors. The state is also the “best place for startups” as per the national startup rankings offering several incentives and support to startups.

The state offers a readily available workforce. The government has matched population growth by investing in education, skilling programs and women employment initiatives which helps create a pool of directly employable resources. Another interesting point to note is that the state is known for having the lowest labor unrest incidents as well.

With thriving cities and rapid urbanisation, the state's per capita income has consistently been on the rise. The young & growing population represents a ready market for manufactured goods and services.

What’s the investment target of the Gujarat government?

joydeep@khaleejtimes.com