India‘s state governments step up to attract foreign investment

Aug 07, 2015, 09:53 am

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Rajasthan State, where Korean Industrial Complex will be constructed, held an investor meeting.
Rajasthan Chief Minister Vasundhara Raje (Center) and other attendees are clapping at the MOU signing ceremony on investments at the 'Rajasthan State Investor Meeting' held on Thursday at hotel in New Delhi, India./ Photographed by Ha Man-joo

By Ha Man-joo, India correspondent, AsiaToday - India's state governments have stepped up to attract private and foreign investments. Claiming that 29 states are little India in one big India, they are actively participating in Prime Minister Narendra Modi's "Make in India" policy by competing for investment among them.

In particular, their efforts to attract leading Korean and Japanese companies have produced tangible results. On August 6, Rajasthan State in the Northern India held an investor meeting to attract private and foreign investment at a hotel in New Delhi, where Rajasthan Chief Minister Vasundhara Raje and other industry related high officials attended.

In an interview with AsiaToday, the Chief Minister talked about investment outlook of Korean companies, stating, "I'm aware that Korean companies have developed a very active business in the Indian market, and are looking for a new development opportunity. Our state government is willing to provide that opportunity." She added, "Through Korean Industrial Complex, I expect that Korean companies and state government's business will proceed well."

Raje went through the list of companies who succeeded by making investment on Rajasthan state, and said, "We are puttin efforts to expand the infrastructure to create a good environment for business, and we have made powerful industrial base through this. You will be satisfied to make investment in India's front runner Rajasthan."

An investment memorandum of understanding (MOU) signing ceremony of 12 companies was held at this event, alongside investment case study presentations held by Micromax co-founder Rajesh Agarwal and DCM Shriram Chairman Ajay Shriram.

During a topic presentation, Veenu Gupta, Principal Secretary Industries and Managing Director of Rajasthan State Industrial Development and Investment Corporation (RIICO), said, "Rajasthan is an important development center in northwestern India with good accessibility to India's capital area with a population over 50 million. Nearly 39% of global manufacturing and trade hub Delihi-Mumbai Industrial Corridor (DMIC) passes through Rajasthan."

Gupta introduced industrial complex for Korean and Japanese companies as one of results from excellent investment environment. She has been playing a big role in establishing the Korean Industrial Complex along with KOTRA. The Korean Industrial Complex will be built in the Gillot district in Rajasthan, about 2-hour drive from Delhi city. KOTRA opened a website in March for application to the complex. As of now, nearly 50 companies have shown interest.

Meanwhile, Japan already completed the construction of its Japanese Industrial Park, which is located in Neemrana of the same state. 45 companies have moved into the Japanese Industrial Park, and the second and third units of Japanese Industrial Park are in the process of construction.

#Rajasthan #Korean Industrial Complex #KOTRA #Vasundhara Raje 
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