Ahead of Vibrant Gujarat Summit, 58 MoUs proposing over Rs 7 lakh cr investment signed in a day

Source: Business Today

Vibrant Gujarat Global Summit 2024: Ahead of the 10th edition of Vibrant Gujarat Global Summit, the state government has signed a total of 234 Memorandums of Understanding (MoUs), proposing cumulative investments of more than Rs 10.31 lakh crore in various sectors with a potential to generate around 13 lakh employment opportunities.

Of the MoUs inked so far, 58 of them were signed at an event in Gandhinagar on Wednesday. The companies that signed the pact on Wednesday expressed their intention to invest Rs 7.12 lakh crore with a potential to generate 3.70 lakh employment opportunities in various sectors in Gujarat, an official statement said.

With the latest MoUs, the total investments committed through MoUs signed at 17 such pre-Vibrant Gujarat Global Summit events have exceeded Rs 10.31 lakh crore.

Among the 58 MoUs, several were signed by central PSUs such as National Thermal Power Corporation (NTPC), Power Finance Corporation (PFC), Power Grid Corporation, ONGC, HPCL, IOCL, and state government enterprises like Gujarat Industries Power Company and Gujarat State Electricity Corporation.

Apart from these firms, many private enterprises also signed MoUs for investments in various sectors in Gujarat, the government said.

Among the 58 MoUs inked on Wednesday, 17 expressed investment intentions of more than Rs 10,000 crore, 21 for commitment of less than Rs 2,000 crore, 12 for investments between Rs 5,000 crore-Rs 2,000 crore and eight for Rs 5,000 to 10,000 crore. "So far, a total of 234 MoUs have been signed with potential investments of more than Rs 10,31,250 crore and creation of more than 12,89,078 employment opportunities," said the government.

The companies with which investment agreements have been signed are from sectors as diverse as electric vehicles, agro and food processing, automobiles, biotechnology, cement, chemicals and petrochemicals, ports, education, engineering, healthcare and pharmaceuticals, industrial parks, IT-ITES, logistics, oil and gas, packaging, plastics, power, green hydrogen, and renewable energy, it said.

Addressing the event, Chief Minister Bhupendra Patel said it was a proud moment for Gujarat as MoUs with potential investments of more than Rs 7 lakh crore were signed in a single day. He said Prime Minister Narendra Modi started the investor summit in 2003 during his tenure as chief minister with an aim to make Gujarat a leader in trade and industries on the global map.

Due to the biennial summit, he said, Gujarat has become a preferred investment destination for domestic and foreign investors over the years. He invited industrialists and investors to join the 10th edition of the summit, which will be organised in Gandhinagar from January 10 to 12.