The 7th Vibrant Gujarat Summit is expected to be bigger than its previous editions with Narendra Modi now the Prime Minister. Here is the lowdown on the event that begins in the state capital on Sunday.
1. Started in 2003 by Narendra Modi when he was chief minister of Gujarat. After the 2002 riots, this became the flagship event to project the state as a preferred destination for investment and business.
2. The summit is held every two years.
3. It has helped the state receive a marketing boost on a global scale. Several top companies such as Ford Motors, Suzuki Motors, Tata Motors (Nano) and many small and medium scale Chinese and Japanese firms have set up manufacturing facilities in the state.
4. Gujarat is becoming not only a business hub but also a place where foreign countries want to have their presence. UK has announced that it is setting up deputy high commission in Ahmedabad, its first major diplomatic presence in the state.
5. Modi’s elevation to the post of prime minister gives this three-day edition of the summit a global boost.
6. Eight countries are summit partners: the US, Japan, UK, Singapore, Australia, Netherlands, South Africa and Canada.
7. Ministerial delegations from two dozen countries will be at the event along with participants from more than 120 countries.
Likely major announcements this year
1. Reliance Industries Limited (RIL) chairman and managing director Mukesh Ambani to make an announcement regarding KG Basin project in partnership with British Petroleum and also in 4G telecom services.
2. Vodafone likely to announce further investment in India in the telecom sector.
3. British company OPG Power to announce increasing the capacity of its power plant from 300 MW to 2,300 MW in Kutch
4. SunEdison, a leading solar technology manufacturer and provider of solar energy services, and OmnigridMicropower Company Pvt Ltd (OMC Power), the first power company to transform the provision of electricity in rural India into a commercially viable, sustainable and scalable business, will sign a framework agreement to develop 5,000 rural projects, representing 250MW of electricity, throughout India over the next three to five years.
MoUs likely in the pharma sector, in the field of defence equipment manufacturing, energy, infrastructure and financial services.
Top CEOs expected
Mukesh Ambani, chairman and managing director of RIL
Cyrus Mistry, chairman of Tata group
Sunil Bharti Mittal, chairman and group CEO of Bharti Enterprises
Ajay Banga, CEO and president, MasterCard
David Farr, CEO and Chairman of Emerson Electric
Ellen Lord, CEO of Textron Systems
Chris Hagedorn, group executive of Peabody Energy
Vittorio Colao, CEO of Vodafone
Osamu Suzuki, CEO and chairman of Suzuki Motors