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Vibrant Gujarat gets endorsement from UK, US, Auz biz councils

india Updated: Dec 31, 2012 12:33 IST

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With Japan and Canada as partner countries and endorsements from UK, US and Australian business councils, the sixth edition of Vibrant Gujarat Summit (VGS) 2013, a biennial event of the Gujarat government, will be held from January 11-13.

"USIBC's (US-India Business Council) executive mission, comprising senior US business executives representing a broad range of sectors, seeks to promote Gujarat as India's global business hub," according to the council's portal.

It added that under Modi's leadership, Gujarat has emerged as one of the most attractive investment destinations for American businesses.

The event, which showcases Gujarat as a global business hub and investment destination, will have participation from some African countries, Australia, Bahrain, Thailand, Russia, the Netherlands and Belgium, among others.

The state of Karnataka is also participating, with a seminar to showcase investment opportunities there.

"The focus will be on youth, skill development and knowledge sharing. Having participation from worldwide, it will facilitate investments for major infra projects of the state," an industry department official said.

"Large-scale investments from the partner countries are expected to flow."

Japan has a cooperation pact with the Union Government for 19 projects, of which seven are proposed in Gujarat. In fast-industrialising zones of Dahej and Sanand in the state, two 'Smart City' projects by Japan are proposed.

Major investment potential for Gujarat, out of the total estimated infra projects of $90 billion along the 1,500 km Delhi-Mumbai Industrial Corridor across six states, is of about $30 billion.

Nearly 38% (564 km) of the dedicated freight corridor passes through Gujarat. The state, having one-fifth of country's coastline (1,600 km), also targets to handle 40% of the traffic through Indian ports by 2020.

Gujarat Industrial Development Corporation (GIDC) has acquired nearly 35,000 hectares of land in 2011-12.

"As a part of VGS, Gujarat will host a largest-ever industrial exhibition – Global Trade Show – spread over 1,00,000 sq mt against 20,000 sq mt last time," an official said.

According to officials, VGS-2011 saw 8,000 Memorandums of Understanding for investment of Rs 20,83,000 crore. However, a very small percentage has translated into implementation, though the state claims to have an impressive 53% overall implementation rate of MoUs since inception of VGS in 2003.