Gujarat Gears Up for Vibrant Global Summit 2024 with Series of Investment MoUs

AHMEDABAD: In the run-up to the Vibrant Gujarat Global Summit 2024, the state government, under the leadership of Chief Minister Bhupendra Patel, has been actively organizing weekly summits since July 2023 to secure investment commitments for the state. This initiative, inspired by Prime Minister Narendra Modi, seeks to establish Gujarat as the premier destination for global investments.

On Wednesday, October 4th, the state government marked the eighth phase of its investment drive by signing four MoUs that will channel over Rs 1,100 crore into industries spanning textiles, packaging, chemicals, power, defense, and space. These ventures promise to unlock approximately 1,190 job opportunities.

To date, since July 2023, the state has clinched 35 MoUs amounting to a potential investment of Rs 14,636 crore. Once these agreements come to fruition, they could potentially pave the way for over 51,907 employment opportunities.

Among the notable commitments from the recent round of MoUs:

• SML Films Limited will invest Rs 450 crore to establish a Poly Films Manufacturing Unit at Ichhapore in the Surat district, slated to become operational in 2024-25, creating roughly 400 jobs.

• Akash Poly Films Limited pledged Rs 400 crore to set up BOPP and BOPET manufacturing units in Bharuch district, with an operational date aimed for March 2025, providing an estimated 400 employment opportunities.

• Superit Chemicals Private Limited will channel Rs 150 crore into a chemical manufacturing unit in Bharuch, focusing on chemical dyes and intermediates. This facility, expected to be operational by 2025, will employ around 150 individuals.

• Lastly, Bestall Machining and Fabrication Private Limited signed an MoU for an investment of Rs 100 crore to establish a fabrication park in Vadodara district, catering to power, defense, and space sectors. The unit is set to launch operations by the month's end, offering 240 job opportunities.

Entrepreneurs who participated in the MoU signing lauded the proactive efforts of the state government. Chief Minister Bhupendra Patel reiterated the state's commitment to creating a conducive environment for rapid industrial growth. He emphasized the symbiotic relationship between the government and the industrial sector, aiming for accelerated development.

The event witnessed the presence of several dignitaries, including Industries Minister Balwant Singh Rajput, State Ministers Harsh Sanghvi and Jagdish Vishwakarma, Chief Secretary Raj Kumar, and other senior officials.