By Fatima Muhammad
JEDDAH — A 19-member Indian delegation visited the Jeddah Chamber of Commerce and Industry Monday to invite businessmen to take part in the 8th Vibrant Gujarat summit which will be held on Jan. 10-13, 2017.
Rajiv Kumar Gupta, principle secretary government of Gujarat and managing director of GNFC, told Saudi Gazette that they are calling on Saudi businessmen to invest in various sectors, including chemical, petrochemical, infrastructure, healthcare, tourism and agriculture. He added that they provide a single window clearance for permissions and added that the World Bank has rated Gujarat as number one in ease of doing businesses. He further said "now, through one portal, the inventor registers and finalize all procedure from all government departments."
He noted that Gujarat has developed over the past 15 years to become a business hub and now hosting “Vibrant Gujarat” that is now a global event organized every second year. The event, he noted, draws some 100,000 visitors from 113 counties with participation of top officials of partner countries US and Canada.
Gupta said "we want to tell Saudi investors that Gujarat is a business destination that has skilled manpower. There is an opportunity for making business and making strategic partnerships. A number of Saudi clients are importing industrial chemicals, but we want to turn this to a manufacturing situation where Saudi investors explore investing opportunities in Gujarat and turn the cooperation to a win-win situation."
Gujarat, he said, is an attractive distinction and they are enhancing its potential by building six smart cities. Gujarat dominates the diamond manufacturing in the world and is also contributing heavily to the GDP of India, he added. "35% of Indian chemicals are manufactured in Gujarat, 40% of pharmaceutical, 62% of petrochemicals and 50% of solar power are produced in Gujarat." Moreover, "the upcoming summit will be a stable, sound and transparent platform for understanding government procedures and creating mutual business values," he noted.
Mabish Kiri, managing director of Kiri Industries Limited, said the chemical industry in India is valued at $144 billion and it contributes by about 2.11 percent to India’s GDP. This industry ranked third in Asia and sixth in the world. The exportation of chemical industry has increased from $6.3 billion in 2006 to $12.7 billion this year. The importation however has increased from $5 billion to $19 billion in the same period.
Fouad Bougari, a Saudi economic consultant who attended the event, said that the Indian government has eased procedures for foreign investors. He added that the World Bank has recommended investing in India due to promising investment opportunities, particularly in the petrochemical industry.
