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UAE investors signed a memorandum of understanding (MoU) worth US$2.76 billion (INR 218 billion/INR 218 billion) with the Odisha government after meeting the Honourable Chief Minister Shri Naveen Patnaik in Dubai yesterday.
The UAE business company’s investment is the result of government-promoted investments aimed at raising awareness of Odisha’s key strengths – its natural and human resources and political stability leading to faster economic growth.
Shri Naveen Patnaik wrapped up a successful investment roadshow yesterday, including an investor conference in Dubai, when he and his delegation met with some of the UAE’s leading business groups to attract foreign direct investment (FDI), including Lulu Group, NBTC Group, Sharaf Group, 24 Holding and Tablez Group, ERAM Group, Sobha Group, Arab and India Spices LLC and Tabreed, etc.
The announcement follows the state’s approval of more than 250 proposals for large-scale industrial and infrastructure projects worth a total of $50 billion in metals and metals downstream, chemicals and petrochemicals, textiles and apparel (including technical textiles), food processing (including seafood processing) ), ESDM and other industries. , logistics and clean energy over the past two years.
The investment proposal includes an INR 15 billion investment by UAE-based multinational retail conglomerate Lulu Group International, which signed a memorandum of understanding to explore investment opportunities in Odisha, Bhubaneswar, Cuttack and Rourkeira.
The investor meeting was organised in conjunction with the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Indian Embassy in the UAE. More than 150 companies from the UAE, Middle East and North Africa (MENA) region, from industries such as minerals and metal processing, petrochemicals, chemicals, plastics, heavy industry, clean energy, food processing (including seafood) processing, electrical Equipment and electronics manufacturing, logistics and warehousing, real estate and hospitality. Leading industry associations in the region, including the Indian Business and Professional Council (IBPC), also participated in the event.
Honorable Chief Minister Shri Naveen Patnaik invited Emirati investors to Odisha to speak at the conference, highlighting four key strengths of Odisha – Minerals; Human Resources; Providing Efficient and Effective Investment Facilitation Technology; Progressive Policy and Governance.
“Odisha offers excellent opportunities for foreign investors and our team is ready to provide any assistance to facilitate investment in UAE investors,” he said.
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