30 June , 2022 Fdiindia
Odisha Government Presents FDI Opportunities to Attract the Eyes of UAE-based Investors
With investments worth over USD 50 billion since 2021, the Odisha Government has been attracting Foreign Direct Investment (FDI) in areas such as Metals and Metal downstream industries, Chemicals and Petrochemicals, Textiles and Apparel including Technical Textiles, Food processing including Seafood processing, ESDM or Electronic System Design & Manufacturing; Logistics - transportation industry and Clean Energy.
To highlight the state’s golden era and attract the attention of investors, an Investors Meet was held in Dubai with the coordination between FCCI and the Embassy of India in UAE. This meeting was led by Naveen Patnaik, Chief Minister of the state, and a number of senior officials in the government of Odisha participated in the same. Officials from over 150 companies and associations based in UAE or MENA regions attended the meeting including the Indian Business & Professional Council (IBPC) and other leading industry associations.
At the Meet, a presentation on the Odisha Industrial Ecosystem was given by the Hon’ble Chief Minister which highlighted the many investment opportunities in Odisha including the presence of Mineral Resources, availability of skilled workforce, tech efficiency, and encouraging policies of the state.
He stated how Odisha has a major share of Mineral reserves in India including 96% of chromite, 92% of nickel, 53% of bauxite, 45% of manganese, 35% of iron ore, and 23% of coal reserves of the country. It has 11% of countries overall water resources. Further, Odisha is also the largest producer of steel, stainless steel, Ferro Alloys, Alumina, and Aluminum in India. The coastline of Odisha which extends for up to 480 km was also highlighted as an ideal choice for setting up international trade ports.
The State has a skilled workforce trained to meet international standards. They have quality institutes like ITIs, Polytechnics, and Engineering and Management Colleges. The Government of Odisha is part of an initiative in partnership with the Asian Development Bank (ADB) and the Institute of Technical Education Services (ITEES), Singapore, to set up World Skill Centre in Bhubaneswar, Odisha to train our workforce. Also, 11 of India’s top 100 industrial training institutes are in Odisha, he said highlighting the quality workforce availability in Odisha.
The state of Odisha has embarked on a goal to increase technology in its projects. One way they are implementing this is with the launch of GO SWIFT, a web portal developed by the Government of Odisha to provide business-to-government services for investors. Several stakeholders have praised the efficiency of the system since its launch, due to how quickly and easily it allows entrepreneurs in the state to jump through all of their hoops without having to move around as much paperwork manually. Startups are especially thriving here: over 1,200 startups are now operating in Odisha! The state's technology industry has proven itself very useful after so many entrepreneurs have formed companies related to technology that continue working from within this ever-growing region.
The state’s policies around 5Ts (Transparency, Technology, Teamwork, Time, and Transformation) have fostered a commerce-friendly environment and the state government has also taken many proactive measures to develop industries and infrastructure in the region. These policies are also making it easier for Odisha to become a competitive destination for companies both domestically and from abroad with better value addition, sustainable employment generation, and revenue augmentation.
The Honorable Chief Minister also announced that the state will be hosting the third edition of its own signature investment summit - Make in Odisha 2022 from November 30th-December 4th, 2022 at the state capital Bhubaneswar, India. The Make in Odisha summit will highlight sectors such as the Metals and Metal industry downstream, the Chemicals and Petrochemicals industry, Electronic Hardware Designing Manufacturing (ESDM), Logistics industry, and Clean Energy industry as well as Textiles and Apparel industries including Technical Textiles within this four-day-long showcase. The Chief Minister extended the invitation to all of the participants in the MENA region, who are interested in seeing what opportunities are available to help propel the progress of industry and the economic growth of the state.
A team from Odisha including high-level business delegates also conducted in-person B2G meetings with some major companies that expressed their interest in investing in the state. A group of incredibly talented individuals who are leaders in their respective fields came together for this eventful conference. Members of the delegates included - Parth Jindal, Managing Director at JSW Cement; Saroj Poddar, Chairman at Paradeep Phosphates Limited; Satish Pai, Managing Director at Hindalco; Dilip Oommen, CEO of AM/NS India; Rahul Sharma, CEO of Vedanta Ltd.; Subhrakant Panda, Managing Director at IMFA; Sujoy Choudhury- Director at IOCL; Jagadish Naik, Chairman and Managing Director at DN Homes; Bhabatosh Sahoo, Managing Director at B-One Business House Pvt Ltd.; Prashant Mallick- Managerial director for Tata Steel SEZ and Mr. Chanakya Chaudhary- Vice President for Tata Steel Ltd.
Investment intentions worth more than Rs. 21,000 crore and potential for employment of over 19,000 were presented to the state government across various industries such as infrastructure, hospitality, logistics, chemicals, food processing, etc. The Honorable Chief Minister welcomed these proposals and assured each company of unmatched facilitation and support from the State Government
The Odisha Investors' Meet was a platform for presenting the vast array of opportunities Odisha offers to businesses in the UAE and the MENA region. It has generated a lot of interest among investors as it is the first time that the state has reached out to UAE for FDIs.