‘Make in India’ campaign aims to woo Saudi, global investors

Indian Prime Minister Narendra Modi has launched a new campaign to attract global business to manufacture in India.

B. S. Mubarak, Indian consul general in Jeddah, addressed a large gathering of Saudi and Indian businessmen and introduced the ‘Make in India’ initiative. A similar event was held in Riyadh, attended by a large number of investors and officials.

The launch was at national and state levels and in missions abroad.

Modi launched the campaign from Vigyan Bhawan in New Delhi.

“We don’t need to invite the world to India, they are ready to come. We just need to give them our address,” said Modi.
The government has identified 25 sectors including automobile, aviation and construction that have potential to attract investment.

The prime minister will be releasing separate brochures for these sectors along with a general brochure, officials announced.

The brochures covering sectors like automobiles, chemicals, IT, pharmaceuticals, textiles, ports, aviation, leather, tourism and hospitality, wellness, railways among others will provide details of growth drivers, investment opportunities, sector specific FDI and other policies and related agencies.
A new web portal, makeinindia.com, will answer all investment-related queries from business entities, while a revamped Invest India unit will act as the first reference point for guiding foreign investors on all aspects of regulatory issues.

The Associated Chambers of Commerce and Industry (ASSOCHAM), which promotes trade in India, said the initiative would “go a long way in instilling trust and confidence among all sections of the industry.”

“I want Indian companies to become multinational and to expand their reach to various parts of the world,” Modi said at the campaign launch. He also pledged to simplify regulations, according to a report from New Delhi.

Businesses leaders praised the ‘Make in India’ campaign, with tycoons including Reliance Industries Chairman Mukesh Ambani and Tata Group boss Cyrus Mistry attending the launch event alongside Modi.

“What is being launched today is actually going to be the next growth driver for India,” ICICI Bank CEO Chanda Kochhar was quoted as saying in a news report.

She said 900,000 manufacturing jobs could be added in the next decade.

At the event in Jeddah, Khaled Almaeena, a well-known media personality and political analyst, highlighted the business opportunities in India.

Dynamic professionals are working in all the sectors, he said, adding that Saudi businessmen could take advantage of the new opportunities in India.

Alungal Mohammed, CMD of Al-Abeer Medical group and vice president of Saudi Indian Business network (SIBN), said: “There is a common interest between the Kingdom and India to develop trade and commerce. I hope SIBN would focus on this campaign and play an intensive role in creating awareness.”

Other Saudi investors and businessmen who shared their successful business experiences in India were Hana Abdulazz Al-Marwan, Dr. Abdul Raheem Moulana, Khalid S. Badawi, CEO Al-Abeer Aviation, and Mohammed Khalid Idreis, GM of United carton industry.

A host of initiatives had been taken by the Indian government in the past three months, including the ‘eBiz’ project of the Department of Industrial Policy and Promotion which aims at providing a single platform to avail business and investment related services.

Paranav Ganesh, consul, explained the opportunities and facilities the Indian government provide for business visa and rules and regulations.

Courtesy: Arabnews 

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