The 7th edition of the Bengal Global Business Summit generated investment pledges worth Rs 3.76 trillion, Chief Minister Mamata Banerjee, said on the concluding day of the two-day conclave. Addressing the valedictory session, Banerjee said that 188 memorandum of understanding (MoUs) and letter of intent (LoIs) had been signed.
Last year, the BGBS had generated investment proposals worth Rs 3.42 trillion
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Banerjee said that about 40 countries participated in this summit offering “superb encouragement”. She also acknowledged the participation of industry captains and business chambers to make it a success.
Continuing with her pitch for investment, she said, “We have the market,” adding that Bengal was the gateway to the North East of India. It has the advantage that it shares the border with Bangladesh, Nepal, Bhutan, she said. “And Singapore, Bangkok, Malaysia are not so far.”
“It is the future industrial destination – it will be a powerhouse in the coming days,” Banerjee added.
On the concluding day of the summit, some industrialists and corporate houses announced investment and expansion plans in the state.
Texmaco in a joint venture with a Slovakian firm would be setting up a wagon factory with a total investment of more than Rs 500 crore; Prasoon Mukherjee-led Universal Success would be investing upwards of Rs 2,000 crore in a data centre project; Damodar Valley Corporation (DVC) signed an MoU for a 1000MW pump storage project.
Berger Paints India, which will soon be turning 100, will be expanding. Abhijit Roy, managing director and chief executive officer, pointed out that there were four paint companies headquartered in Kolkata – three went away citing issues with work culture and environment. “We were the only ones who stayed behind with headquarters in Kolkata. And 15 years hence, we have kept growing to cross Rs 10,000 crore.” The company has taken 30 acre land in Panagarh for further investment.
Conglomerate, ITC, launched ITCMAARS, the company’s super app and phygital ecosystem in Bengal. It would bring the power of digital revolution to its potato farmers, said Sanjiv Puri, chairman and managing director.
The high point of the 7th edition of BGBS was, however, the Rs 20,000 crore investment over three years announced by Reliance Industries chairman and managing director, Mukesh Ambani, at the inauguration of the summit on Monday.
The Chief Minister also announced policy initiatives at the inauguration such as The West Bengal Logistic Policy 2023, West Bengal Export Promotion Policy 2023, West Bengal Cable Landing Policy 2023, West Bengal Green Hydrogen Policy 2023, West Bengal New and Renewable Energy Manufacturing Promotion Policy 2023.
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As she closed the summit on Wednesday, Banerjee asked investors to think of Bengal as their ‘home’. It is the safest, smartest and brightest, she said.