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Maharashtra Industrial Development Corporation signs 25 MoUs to attract $2b investment

The MIDC said the MoUs were signed at its seventh edition of Magnetic Maharashtra 2.0 recently concluded in Dubai. It was the first international edition of the corporation.

Maharashtra Industrial Development Corporation (MIDC) has signed 25 memorandum of understandings (MoUs) in Dubai to attract foreign investment worth $2 billion to create direct job opportunities for 10,851 people.

In a statement, the MIDC said the MoUs were signed at its seventh edition of Magnetic Maharashtra 2.0 recently concluded in Dubai. It was the first international edition of the corporation.

Maharashtra Minister of Industries Subhash Desai led a high-level delegation from the industries department to attend the event as part of the government plan to participate in Expo 2020 Dubai during November 19 to December 2, 2021.

The MoUs signed are in key thrust sectors which are auto and auto components, logistics, EV, textiles, data centre, pharma, bio-fuels and energy. It is interesting to note that all the interested FDI investors are of the sectors where Maharashtra has dedicated promotion policies. This signifies the importance of State Government’s pro-activeness in policy development and good governance.

Maharashtra has always been a global investment hub and is home to some of the largest and most successful business houses in the country. The state has been at the forefront of FDI inflows in India, attracting the largest share of approximately one third of India’s cumulative foreign direct investment (FDI) inflows during April 2000-2020. The state’s journey has included an increase in FDI inflow from INR2,543 crores in 2004-05 to INR79,216 crores in 2019-20.

The consolidated efforts of Industries department, their robust policies and visionary leadership of the state Government has boosted industrial growth and boost investor confidence, positioning the state to be one of the most favored investment destinations of the country, thereby flourishing the industrial sector of the state.

“It is a matter of pride for Maharashtra that companies from six countries such as Japan, Singapore, Sweden, Korea, Germany and Italy will be investing in Maharashtra,” according to a statement issued by MIDC.

Subhash Desai reiterated the state’s belief in industries, sector diversity, indigenous capacities, future readiness and the executional prowess. With this Magnetic Maharashtra 2.0 bolsters the message that Maharashtra - the torch bearer of India’s growth is ‘Open for Business’.

— business@khaleejtimes.com