Indian state Odisha CM attends business meet in Tokyo, state receives investment intent of over Rs 25,000 crore across sectors

Business Friday 07/April/2023 07:41 AM
Indian state Odisha CM attends business meet in Tokyo, state receives investment intent of over Rs 25,000 crore across sectors

Bhubaneshwar : Odisha Chief Minister Naveen Patnaik on Wednesday attended a business meet in Tokyo and invited Japanese investors to the state.

The state government received investment intent of over Rs 25,000 crores across green hydrogen and green ammonia, green energy equipment manufacturing, IT/ITeS, logistics, metal ancillary, steel, and metal downstream sectors. Odisha government in association with the Indian Embassy in Japan, the Japan External Trade Organization (JETRO), and the Federation of Indian Chamber of Commerce and Industry (FICCI), hosted the Odisha Business Meet Tokyo 2023.

The Chief Minister, Kazuya Nakajo, executive vice-president, JETRO, and senior officials of Odisha government, IPICOL and FICCI were present at the meeting, which was attended by over 200 delegates, representing various industries from across Japan.

Odisha Chief Secretary Pradeep Kumar Jena welcomed the gathering and shed light on how Odisha has been one of the major breakout states in the country in terms of development, registering impressive GSDP growth rates year-after-year and industrializing at break-neck speed under the leadership of the Chief Minister.

Speaking on the occasion, Kazuya Nakajo, Executive Vice-President, JETRO, highlighted the emerging business opportunities between Japan and India.

According to a Odisha government presss release, he termed the partnership between the two countries more as a "familial bond" rather than a "business relationship".

Nakajo spoke about the various upcoming measures being taken by the Government of India including the creation of large-scale industrial infrastructure across the country and urged his Japanese friends to seriously consider major investments in India.

He also highlighted Odisha's strategic location and natural resource advantage as a key to the state being an attractive investment destination for Japanese investors.

Speaking on the occasion, Chief Minister Patnaik said that Odisha is one of the fastest-growing economies in India and has consistently grown above the national average in the last decade and a half.

"We are fast emerging as a major industrial destination in India because of our natural resource advantage and strategic location. Today, Odisha is ranked among the top states in India in terms of attracting investments and has been accorded the achievers status in the recently released ease of doing business ratings by the Government of India," he said

The Chief Minister highlighted how Odisha is becoming the fulcrum of trade and commerce in the Bay of Bengal region and the measures the state government has undertaken to help industries looking to cater to the untapped markets in Eastern and North-Eastern India as well as markets in ASEAN and East Asia region.

"As we enter into a new era of industrialization propelled by advancements in technology and a philosophy of sustainability, we require a collaborative effort between the governments, industries and people to ensure consistent growth," he said.

Patnaik said Odisha, a state known for its rich culture and tradition, is transforming into a modern industrial hub.

"While my government is focused on providing the best-in-class facilitation to all investors coming to Odisha, we are also deeply committed to protecting our rich cultural history. The renovation and restoration of Buddhist pilgrimage sites have been a key agenda of my Government. I am happy to say that we are transforming sites like Dhauli, Udaygiri, Ratnagiri and Lalitgiri. I request all my Japanese friends to visit Odisha and experience the change. Come, Invest in Odisha, Invest in the future. Come, Join the Juggernaut," it said.

Mayank Joshi, Deputy Head of Mission, Indian Embassy of Japan, highlighted the ease of doing business reforms carried out by India and its impact in making a robust industrial ecosystem across states.

Joshi also praised Odisha for investment promotion and facilitation initiatives taken by the state.

"Odisha Business Meet 2023 at Tokyo ended on a successful note with Odisha government receiving investment intents of over Rs 25,000 crore (USD 3.04 billion) in sectors like logistics, metal ancillary, steel, Metal Downstream, Green Hydrogen and Green Ammonia, Green Energy Equipment Manufacturing and IT/ITeS. An MoU for collaboration in the skill development sector was also signed between Nihon-Utkal (NITKAL) and IIIT, Bhubaneswar," the release said.

During the day, the Chief Minster also met several senior industrialists across sectors for one-to-one meetings to discuss their plans for investments in India and presented the case for Odisha being the best investment destination for them.

The release said he met CEOs and top officials from IHI Corporation, TYK Corporation, Price Waterhouse Coopers, Marubeni-Itochu Steel Inc, Krosaki Harima Corporation, ThyssenKrupp, Toyo engineering, JGreen Power Private Limited, JFE Steel Corporation, Fujisoft Inc, ICIJ and Nissin Foods.