Home ECONOMY Odisha eyes ASEAN and Japanese investments

Odisha eyes ASEAN and Japanese investments

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New Delhi: Showcasing Odisha as a rapidly evolving manufacturing hub and an investment destination of choice for global investors, a high-level state delegation participated in the two-day ASEAN-India Business and Investment Meet organized in New Delhi that concluded today.

The delegation informed investors that the state government will have tailor-made policies and incentive framework to facilitate investments from the ASEAN region.

Besides being one of the most resource rich states of India and being the largest producer of steel, stainless steel and aluminium, Odisha has been a top performing state in the country in terms of achieving sustained high economic growth and has consistently ranked amongst the top 3 states in terms of live manufacturing investments. Odisha has been recognized by Government of India as a ‘Champion State’ for exports and a ‘Leader’ in implementation of business reforms.

The delegation from Odisha also participated in the 42nd joint meeting of India-Japan Business Cooperation Committee (IJBCC) at Taj Mansingh here and highlighted the investment opportunities offered in the six sectors identified as priority sectors by the state government – ancillary & downstream industry in metal sector; chemicals, plastics & petrochemicals; electronics manufacturing; food processing including seafood; textiles & apparel and tourism.

Addressing the investors present at ASEAN summit, Sanjeev Chopra, Principal Secretary, Industries Department, Government of Odisha highlighted the vibrant business ecosystem in the state created through investor friendly policies and key business reforms. Union Minister of State for Commerce & Industry, C R Choudhary was the Chief Speaker at the session.

Speaking at the event, Chopra said, “Odisha is progressing like a juggernaut and growing faster than the national average. Recognized as the leader in implementation of business reforms, Odisha accounts for 7.5 % of total manufacturing investment made in India. Able and stable government, infrastructure led industrial development, pioneers in single window clearance procedures, highly skilled labour, sector specific industrial clusters and low cost of doing business are some of the factors that are driving the industrial growth in the state. With a network of 10,000 km of national and state highways and 2,540 km of rail corridor connecting the hinterland of resource-rich regions to the largest deep-water ports of Paradip and Dhamra on the east coast, we have ensured easy access to the markets of ASEAN region while offering new opportunities to its investors. ”

The investors were also informed about the key business reforms undertaken to facilitate the Ease of Doing Business in the state, including the recent launch of first of its kind single window portal for industries, GO SWIFT (Government of Odisha Single Window Investor Facilitation and Tracking) which serves the investors during the entire investment life cycle.

Strategically located on a mineral rich belt on the east coast of India with a 480 km long coastline, Odisha is optimistic about becoming one of the first states to have a Coastal Economic Zone which will further develop an enabling ecosystem for the growth of business relationships with ASEAN counterparts and facilitate trade and investments with the ASEAN region.

Meanwhile, the state government also invited all ASEAN countries and investors to participate in the biennial global investor’s summit ‘Make in Odisha Conclave’, scheduled from November 11-15 at Bhubaneswar.

Worth mentioning, Odisha registered a GSDP growth rate of 7.94 percent in 2016-17 surpassing the national growth rate of 7.1 percent. Through its industrial development plan ‘Vision 2025’, the state government has set a target of generating employment for 30 lakh citizens by attracting investments worth Rs 2.5 lakh crore in the six focus sectors.

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