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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