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UAE investors sign up US$2.76bln worth of investment into Odisha state

Arab World Materials 1 July 2022 13:58 (UTC +04:00)
UAE investors sign up US$2.76bln worth of investment into Odisha state

UAE investors have signed Memoranda of Understanding (MoUs) worth US$2.76 billion (IRs218 billion/IRs21,800 crores) with the Government of Odisha state, after meeting with Honourable Chief Minister Shri 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.

Shri Naveen Patnaik yesterday concluded a successful investment roadshow including an Investor’s Meet in Dubai when he and his delegation held meeting with some of UAE’s key business groups to attract Foreign Direct Investment (FDI), involving Lulu Group, NBTC Group, Sharaf Group, Twenty Fourteen Holding and Tablez Group, ERAM Group, Sobha Group, Arab and India Spices LLC and Tabreed, etc.

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 IRs1,500 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 from sectors comprising of Minerals and Metals processing, Petrochemicals, Chemicals, Plastics, Heavy Industries, Clean Energy, Food Processing including Sea Food Processing, Electrical Equipment and Electronics Manufacturing, Logistics and Warehousing, Real Estate, and Hospitality. 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 Hon’ble Chief Minister Shri Naveen Patnaik addressed the gathering underlining Odisha’s the four key advantages – Mineral; Human Resources; Technology in delivering efficient and effective investment facilitation; Progressive policy and governance.

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

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