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Vibrant Gujarat Summit 2024: State receives $86 billion investment ahead of event
The MoUs signed ahead of the Vibrant Gujarat Global Summit will potentially create 1.289 million jobs.
The State of Gujarat, which is set to host the tenth edition of the Vibrant Gujarat Global Summit from January 10-12 in Gandhinagar, received a total of 7.17 trillion Indian rupees (US $86.07 billion) investment days ahead of the event.
The state achieved a historic milestone by signing 58 memorandums of understanding (MoUs) for proposed investments worth billions in a single day on January 3 under the guidance of Chief Minister Bhupendra Patel.
According to a government release, a total of 234 MoUs were signed across 17 phases, indicating potential investments of approximately INR 10.31 trillion (US $124 billion) and creation of 1.289 million jobs.
Sectors covered under the MoUs include electric vehicles, agro and food processing, automobiles, biotechnology, cement, chemicals and petrochemicals, ports, education, engineering, healthcare and pharmaceuticals, industrial parks, green hydrogen and renewable energy, among others.
The Vibrant Gujarat Summit was launched two decades ago on September 28, 2003. A celebration of the summit’s 20th anniversary was observed on September 27, 2023, wherein Indian Prime Minister Narendra Modi and industry leaders shared their thoughts about the event.
PM Modi highlighted the scale of the event since its inception. While the 2003 edition attracted only a few hundred participants, today, more than 40000 participants and delegates and 135 countries participate in the summit, Modi said. The number of exhibitors has also increased from 30 in 2003 to more than 2000 today, according to the state government.
Lakshmi Mittal, executive chairman of Arcelor Mittal group, previously said, “Global investor summits have started in almost every state of the country. Investors from all countries are keen on Foreign Direct Investment (FDI) in Gujarat, symbolizing the Prime Minister's foresight. Today, India's position globally has risen due to the successful hosting of the G20.”
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