The ‘Bihar Business Connect 2023’ summit, a two-day event initiated in the state capital, is poised to bring in investments totaling Rs 40,000 crore for the Bihar government. Of this amount, Rs 34,000 crore in proposals have already been committed by investors, with over 600 participants from both domestic and international sectors attending this inaugural global summit. Anticipating the signing of 40 Memoranda of Understanding (MoUs) between the state government and investors from approximately 16 countries, a senior official from the state industries department disclosed that 10 of these agreements involve global investors. Key sectors targeted for investment in the coming years include food processing, textiles, leather, and information technology (IT).
On the summit’s first day, the Bihar government inked MoUs with eight private companies, securing proposed investments exceeding Rs 5.54 crore in the textile and leather sectors. Bihar Industries Department Minister Sameer Kumar Mahaseth highlighted these initial agreements and urged the creation of special economic zones (SEZs) to accelerate the state’s industrial growth. He emphasized the government’s commitment to supporting investors and advocated for at least four SEZs in Bihar to attract further investments. Mahaseth expressed optimism that increased investments would elevate Bihar to the top 10 states in terms of industries within five years, with aspirations to achieve a top-five ranking nationally. The minister also reiterated the call for special category status, asserting its potential to facilitate faster growth. Representatives from countries like the US, Taiwan, Japan, and Germany participated in the summit’s first day, with a total of 600 delegates, including major Indian business houses, expected to attend the event’s entirety.
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