8 June , 2022 Fdiindia
Maharashtra Signs INR 80,000 Crore Investment Deal at WEF, Davos
Maharashtra's delegation to the World Economic Forum Annual Meeting 2022 in Davos was a success. The state secured investments worth INR 80,000 crore (USD 10.5 billion), with 24 companies and three memorandums of understanding signed. These investments are expected to accelerate Maharashtra's green industrialisation vision by launching renewable power projects with 10-12 GW capacity. Alongside this development narrative will come private sector investments, including leaders like Renew Power, which plans to invest around $6 billion (INR 50,000 crore) in the future wind and solar power capacity. An Indonesian company, Asia Pulp & Paper Company (APP), proposes to invest up to $1.5 billion, or INR 10,500 crore, in the development of the Raigad area.
122 MoUs were inked during the Magnetic Maharashtra 2.0 initiative, which took place in February of this year. In the state of Maharashtra, these have produced an investment of INR 2.2 lac crore and potential job opportunities for 4 lac applicants. During the last eight editions of Magnetic Maharashtra, 98 Memorandums of Understanding (MOUs) were signed for projects that are currently in various phases of implementation. This demonstrates the government's strong commitment to creating long-term job and investment opportunities by encouraging industry leaders to establish a base in Maharashtra. Furthermore, from October 2019 to December 2021, Maharashtra received 26% of total FDI, the highest of any Indian state.
On May 22, 2022, the Maharashtra government, represented by the delegation, began and opened the State pavilion at the World Economic Forum (WEF) in Davos. They met with business specialists and political leaders a week later to display the economic potential of the state. On behalf of the Maharashtra government, the delegation promoted the state as an ideal location for expanding, relocating or starting their businesses, as well as discussing how they expected it to develop, with a focus on technology, particularly geared toward creating job opportunities for the younger generation, and sustainability, with a promise that all initiatives would be both environmentally friendly and renewable throughout.
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