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Thursday, 18 Jan 2018
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Bengal Global Business Summit 2018 : 110 MoUs inked

West Bengal Summit 2018


With the underlying theme of ‘Bengal Means Business’, the fourth edition of Bengal Global Summit 2018 drew investment intentions worth Rs 2,19,925 crore. The Bengal Global Summit 2018 was held on 16 and 17 January 2018, at the newly constructed state-of-the-art, Biswa Bangla International Convention Center located at New Town city in Kolkata. The previous edition of the Bengal Global Summit, which was held on 20-21 January 2017, saw investment proposals worth Rs 2.35 lakh crore.
 
The summit saw signing of 110 memorandums of understanding (MoUs) and expressions of interest (EoIs). The investment proposals together are expected to create employment opportunities for over 20 lakh people. Manufacturing and Infrastructure sectors together accounted for bulk of the investment with total projex commitment of Rs 1,56,811 crore. 
 
Another major investment proposal was from the JSW Group. The company has pledged Rs 10,000 crore over next four to five years. The investment will spread across the group's existing business segments - -steel, cement, power and its newly launched paints business. 
 
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Some of the big ticket MoUs signed are:
 
1. Jadavpur University signed three MoUs for collaboration in various fields with – Exeter University, Edinburgh University and Eotvos Lorand University
 
2. Presidency University with Edinburgh University in the area of higher education and life sciences
 
3. West Bengal Industrial Development Corporation with National Institute of Design for setting up State Design Center in Kolkata to open new frontiers in cutting edge technologies
 
A total of 82 MoUs were signed in the agriculture, food marketing, and agricultural marketing department. PaschimBanga Society for Skill Development signed three MoUs during the summit.
 
Notable multi-national companies, including Dassault Group, Saudi Arabian Oil Company (Saudi Aramco), Dubai Multi Commodities Center, Samsung, PepsiCo, Covestro, and Chemexcil expressed their business interests in Bengal.
 
Among the India-based firms, Reliance, Future Retail, Jaipuria Group, Adani Group, JSW Group, Hiranandani Group, Kotak Group, Spicejet Group and many more participated in the summit and expressed their investment intentions.
 
New policies were also unveiled during the summit. The policies announced include Logistics Park Development and Promotion Policy, Export Promotion Policy, and Ro-Ro Operation Promotion Policy.
 
On the first day of the summit, top industrialists promised Rs 17,000 crore investments in West Bengal, mostly within the next four years. A major investment commitment by Reliance Industries (RIL) was made on the first day of the business summit. The company announced investment commitment worth Rs 5,000 crore in telecom and petro-retail businesses. Apart from this, it is also exploring the possibility of setting up a manufacturing facility for mobile phones and set-top boxes in the state.
 
Another major investment proposal was from JSW Group. The company has pledged Rs 10,000 crore over next four to five years. The investment will spread across the group's existing business segments - -steel, cement, power and its newly launched paints business. 
 
JSW Cement, a subsidiary of the JSW Group, inaugurated a Rs 800 crore cement plant in Salboni, West Bengal. The chief minister of West Bengal, Mamata Banerjee inaugurated this manufacturing unit on 15 January 2018. 
 
Apart from this, Texmaco Rail & Engineering is also planning to set up a mega logistics hub-cum-food park with a state-of-the-art engineering and manufacturing facility. The hub-cum-food park will come up at Sankrail in Howrah district.
 
Tirupati Vessel has announced twin integrated roll-on-roll-off (Ro-Ro) services and floating haat bazar projects to come up in the state, entailing an investment of Rs 250 crore. The Ro-Ro services project will be developed at a cost of Rs 150 crore. The project will be formally flagged off in early February 2018.
 
The other project announced by Tirupati Vessel during the summit was the floating haat bazar. The project is based on the mobile floating supermarket concept. The project, at an investment of Rs 100 crore, is expected to be completed by 2019. 
 
Following the success of the fourth edition of Bengal Global Business Summit, an announcement was made for the fifth edition of the summit. The summit for 2019 will be held on 7-8 February 2019.
Mamata-Banerjee
"Through this Bengal Global Business Summit we aspire to create a blueprint that will explore new possibilities of creating a resurgent Bengal"

- Mamata Banerjee
Hon'ble Chief Minister Government of West Bengal

 

 
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