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'Best State For Business': Industry Leaders Praise 'Make In Odisha Conclave,' Stage Set To Boost Investment
Odisha, 2 Dec 2022 4:53 AM GMT | Updated 2 Dec 2022 9:17 AM GMT
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Chief Minister Naveen Patnaik inaugurated the five-day 'Make In Odisha Conclave' on Wednesday (November 30) with the slogan- Join the Juggernaut. The investors' summit aims to shift focus from traditional businesses to startups and IT industries that can potentially bring more employment opportunities.
The third edition of the 'Make In Odisha (MIO) Conclave' was organised by the Government of Odisha, in collaboration with the Federation of Indian Chamber of Commerce & Industry (FICCI). The third edition of the investors' summit which started on November 30, will continue until December 4 at Janta Maidan.
After the success of the first two editions of 'Make in Odisha' in 2016 and 2018, the key focus of MIO 2022 conclave was to highlight the states policy and regulatory framework towards investors and entrepreneurs focusing on emerging business opportunities, investments, and the business ecosystem across key sectors that the State of Odisha offers.
The investors' summit saw the participation of global leaders, 54 industry captains, 12,000 individual registrations, 212 exhibitors, participants from 11 countries, and several industry leaders at the 2 plenary sessions and 8 sectorial sessions.
With the slogan 'Join the Juggernaut,' this year, the state has made itself an attractive destination for business and investment. In the five-day event, the government hopes to garner investments worth ₹6 lakh crore.
While commenting on day one of the MIO Conclave 2022, CM Naveen Patnaik, said, "I extend a warm welcome to industry leaders; investors and all delegates present here for the 3rd Edition of the Make in Odisha Conclave 2022. I am happy to welcome our country partners - the Ambassadors of Japan and Norway, and the Consul General of Germany."
Focus On Key Sectors
The summit aims to provide a platform for industry participation and discuss growth and development opportunities for key sectors like agro and food processing, tourism, IT, mining and metallurgy, chemicals and petrochemicals, and Green Energy. One of the major expectations from this investment summit is to build the state of Odisha as champion in the concerned areas of business.
Traditionally, Odisha has been considered to be the mineral hub of India. The state is the largest producer of stainless steel in the country and has more than 20 per cent of steel making capacity of the country. Exploring further opportunities, the state will now put more emphasis on promoting startups and IT industries to create more employment opportunities.
For the first time in any state investors' conclave, five financial institutions attended an investment summit which included BSE, NSE, SBI, SIDBI, and IFC of the World Bank Group. A total of two Memorandum of Understanding (MoU) were signed with BSE and NSE, and the Government of Odisha for assisting the MSMEs of the state to get listed on the MSME exchange of BSE.
The session ended with the exchange of MoUs between the Odisha Government and corporates such as Luminous Power Technologies Pvt. Ltd., IFB Agro, Fogla Corporation, Silox India Pvt. Ltd., Spino Paper, Ashirvad Pipes Pvt. Ltd., DN Sea Shells Pvt. Ltd., Gadre Marine Export Pvt. Ltd., VCI Chemical Industries Pvt. Ltd., Happiest Minds Technologies Ltd. and Cotton World.
Industry Leaders Praise Odisha Government
Such events effectively bring business leaders from across the world under one roof to initiate dialogue for the state's progress. Several industry leaders praised the initiative and extended their promise to the Odisha government for numerous developmental projects.
According to state government officials, several eminent corporate leaders have or will attend the summit- Kumar Mangalam Birla, Chairman, Aditya Birla Group, LN Mittal, Executive Chairman, Arcelor Mittal, Anil Agarwal, Chairman, Vedanta Resources Limited, Naveen Jindal, Chairman, JSPL, Sajjan Jindal, Chairman, JSW Group, and TV Narendran, CEO&MD, Tata Steel, among others.
The CEO of Adani Ports and CEZ Ltd, Karan Adani, said, "Privileged to speak at #MakeInOdisha 2022 helmed by Hon CM @Naveen_Odisha. Our capex in #Odisha over the next 10 yrs will cross Rs 60,000 Cr. Our plans for 35 berths and a 5MT LNG terminal at Dhamra Port, an alumina refinery, and an iron ore project will create thousands of jobs."
The Chairman of ArcelorMittal, Lakshmi Mittal, while speaking during the conclave, mentioned, "With one of the largest R&D centres in India, we are looking forward to bringing these technologies to Odisha for future sustainability and climate change by creating value via steel plants in the state."
"With one of the largest R&D centres in India, we are looking forward to bringing these technologies to Odisha for future sustainability and climate change by creating value via steel plants in the state."
— Invest Odisha (@InvestInOdisha) December 1, 2022
- Shri Lakshmi Mittal, Chairman, ArcelorMittal at #MIO2022 #MakeInOdisha pic.twitter.com/xOQgMeGydI
According to the 'Make In Odisha' organising committee, the Adani Group is likely to set up a three million tonne aluminum refinery in the state, and Coal India also intends for the same. Furthermore, two Japanese companies also want to invest in the industries of Odisha.
Best State For Business
The CEO of Tata Steel, T. V. Narendran, while speaking during the conclave, mentioned, "Our association dates back to 100+ years with over 50,000 employees and an investment of 75000 crores in the last few years. Business-friendly policies and an empowered group of bureaucrats make Odisha one of the best states for business."
Several other industry leaders acknowledged the policies that promote the business ecosystem. Recently, the Odisha cabinet chaired by CM Naveen Patnaik approved the Industrial Policy Resolution (IPR) 2022, which will remain in effect for the next five years.
It aims to transform the state into the industrial hub of Eastern India by promoting industries in the thrust and priority sectors of the state. The state government's shift of focus towards promoting the private sector and startups brings new hope and challenges for its implementation.
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