Home Industry UAE Investors Sign 21K Cr Proposal

UAE Investors Sign 21K Cr Proposal

Bhubaneswar: UAE investors have signed Memoranda of Understanding (MoUs) worth US$2.76 billion (Rs 218 billion/ Rs21,800 crores) with the Government of Odisha, after meeting with Chief Minister Naveen Patnaik in Dubai yesterday.

The investment by UAE business houses is a result of the Government’s investment promotion drive aimed at creating awareness of Odisha’s key advantages –its natural and human resources as well as political stability that resulted in faster economic growth.

The announcement comes after the State approved more than 250 large-scale industrial and infrastructure project proposals collectively worth US$50 billion in sectors such as Metals and Metal downstream, Chemicals and Petrochemicals, Textiles and Apparel including Technical Textiles, Food processing including Seafood processing, ESDM, Logistics and Clean Energy in the last two years.

The investment proposals include Rs1,500 crores investment by UAE-based multinational retail conglomerate, Lulu Group International which signed a MoU to explore investment opportunities in Odisha to set up Hypermarkets, shopping malls and agriculture and seafood sourcing and processing hubs in Bhubaneswar, Cuttack and Rourkela.

The Investors Meet was jointly organised with the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Embassy of India in UAE. It was attended by more than 150 companies based out of the UAE and the Middle East and North Africa (MENA) region.

Leading industry associations from the region including Indian Business and Professional Council (IBPC) also participated in the event.

Inviting the UAE investors to Odisha State, the Chief Minister addressed the gathering underlining Odisha’s four key advantages – Mineral; Human Resources; Technology in delivering efficient and effective investment facilitation; Progressive policy and governance.

“Odisha offers great opportunities to foreign investors and our Team is ready to extend any help to facilitate investment to the UAE investors,” he had stated.

Chief Secretary Suresh Chandra Mahapatra and Principal Secretary, Industries, Hemant Sharma highlighted the economic opportunities in key sectors.

The Investors Meet was addressed by the Indian Ambassador to the UAE, Sanjay Sudheer, who stressed on the significance of the Comprehensive Economic Partnership Agreement (CEPA), signed between the UAE and India – which reduces taxes and will help two-way trade and investment between India and the UAE to accelerate.