West Bengal Attracts Investment Proposals Worth Rs. 3.76 Trillion, Announces CM Mamata Banerjee

Bengal Global Business Summit's 7th edition concluded with Chief Minister Mamata Banerjee revealing an impressive Rs. 3.76 trillion in investment pledges. The two-day summit saw the signing of 188 memoranda of understanding (MoUs) and letters of intent (LoIs), showcasing a substantial increase from the previous year's Rs. 3.42 trillion in investment proposals.

Banerjee expressed gratitude for the active participation of about 40 countries in the summit, describing it as "superb encouragement." She emphasized Bengal's strategic advantages as a gateway to the North East of India, sharing borders with Bangladesh, Nepal, and Bhutan, while being in proximity to international hubs like Singapore, Bangkok, and Malaysia.

Highlighting Bengal's potential as a future industrial powerhouse, Banerjee continued to pitch for investment, asserting, "We have the market." On the concluding day, several industrialists and corporate houses announced investment and expansion plans in the state.

Texmaco, in collaboration with a Slovakian firm, revealed plans for a wagon factory with an investment exceeding Rs. 500 crore. Universal Success, led by Prasoon Mukherjee, committed to investing over Rs. 2,000 crore in a data center project. Damodar Valley Corporation (DVC) signed an MoU for a 1000MW pump storage project.

Berger Paints India, set to celebrate its centenary, announced expansion plans, and ITC launched ITCMAARS, a super app and phygital ecosystem in Bengal, aiming to empower potato farmers digitally.

The summit's highlight was Reliance Industries Chairman Mukesh Ambani's announcement of a massive Rs. 20,000 crore investment over three years. Chief Minister Banerjee also unveiled several policy initiatives, including The West Bengal Logistic Policy 2023, West Bengal Export Promotion Policy 2023, West Bengal Cable Landing Policy 2023, West Bengal Green Hydrogen Policy 2023, and West Bengal New and Renewable Energy Manufacturing Promotion Policy 2023.

In her closing remarks, Banerjee invited investors to consider Bengal their 'home,' portraying it as the safest, smartest, and brightest choice for investment.

BS