Published On:November 4 2023
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"International Corporations Pledge ₹17,990 Crore Investments in Food Processing Sector with 16 MoUs at World Food India"

On the opening day of World Food India, the Indian food processing sector witnessed a substantial boost in investments as 16 Memoranda of Understanding (MoUs) were inked between the Ministry of Food Processing Industries (MoFPI) and a range of domestic and international companies, as revealed in an official statement.

The total value of these agreements stands at an impressive ₹17,990 crore, with prominent players such as Mondelez India, Kellogg India, ITC, Innobev, Nedspice, Ananda, General Mills, and Ab Inbev among the signatories.

The event marks the commitment of these companies to further expand and enhance their presence in India's burgeoning food processing sector, tapping into the country's growing consumer market and food industry potential. The agreements are expected to create a positive ripple effect, generating employment opportunities and boosting the economy.

Officials at the World Food India event have indicated that more MoUs are expected to be signed on Saturday, suggesting that additional companies are eager to demonstrate their investment commitments in the Indian food processing ecosystem.

In a parallel development, the Ministry of Food Processing Industries organized a roundtable discussion during the inaugural day of World Food India 2023. This event was jointly chaired by Union Minister Pashupati Kumar Paras from the Ministry of Food Processing Industries and Union Minister Piyush Goyal from the Ministry of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles.

The roundtable drew participation from CEOs representing more than 70 leading companies operating in the food processing sector. Government officials were also in attendance. The discussions primarily focused on key areas such as the ease of doing business, investment opportunities, sourcing interests, and an industry-wide exploration of existing gaps in the Indian food processing value chain.

During the roundtable, extensive deliberations occurred on topics ranging from the Production-Linked Incentive scheme and the impact of the Goods and Services Tax (GST) to the dairy industry and agri-processing space, among other pertinent subjects.

The developments at World Food India 2023 indicate a growing interest from both domestic and international corporations in the Indian food processing sector, reinforcing the industry's position as a significant contributor to India's economic growth. As the event continues, more exciting developments and investment commitments are expected, underscoring the industry's potential for further expansion and modernization.

HBL





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