Home >News >India >Covid-19 outbreak: Maharashtra will sign 12 FDIs to revive economy

Mumbai: In a bid to revive the state's economy that has been hit by the ongoing lockdown, Maharashtra government, on Sunday evening said that 12 large memorandums of understanding (MOU’s) with companies from across the globe including US, China, South Korea, Singapore and India will be signed on 15 June in the presence of Chief Minister Uddhav Thackeray and Minister for Industries Subhash Desai.

The MOUs are aimed at attracting foreign direct investments (FDI) in Maharashtra, which, with 1.04 lakh covid-19 cases, is the country's worst affected state.

Global business leaders, country missions and bilateral investment agencies will join this exclusive session via video conference from 6:30 pm onwards on 15 June, said the government in a statement.

The government did not quantify the FDI investment coming up.

"The state has also seen a significant uptick in investment intentions from countries such as Germany, Japan, Russia and other major FDI source countries for India. The investments represent a diversity of sectors including - engineering, automobiles, food processing, ESDM, IT/ITeS and many others," said the government.

The Government of Maharashtra delegation will also feature the minister of state Aditi Tatkare and the new Sherpa for FDIs– Bhushan Gagrani, the Principal Secretary Industries – Venugopal Reddy and the CEO of the state’s Industrial Development Corporation – Dr. P. Anbalagan.

"While globally and in Maharashtra, our healthcare systems are scaling to meet the unprecedented challenges posed by the covid-19 pandemic, the state’s economic response has remained resilient to offset long-term impacts. The state of Maharashtra has methodically re-opened more than 60,000 industries in the state and these enterprises employ close to 1.5 million people," said the government.

The government said that while global investment sentiments have suffered due to the lockdown, the pandemic has provided the state of Maharashtra a unique opportunity.

"Backed by the state’s performance across elements of FDI , export, competitiveness, industrial ecosystem, policy and ease of doing business, companies looking to diversify their supply chains across South East Asia have considered Maharashtra as their new investment destination," said the government.

Monday's interaction will witness the signing of "realising the importance of our country partners , missions and trade bodies in the country."

The interaction will also see two key bilateral investment agreements being signed during the event.

Partners such as the ones who have proposed FDIs, have helped Maharashtra support existing industries in the state and now it will help Maharashtra set up dedicated country desks in the near term for closer handholding of new potential investments.

On Monday, the government said the state will reveal its Magnetic Maharashtra 2.0 roadmap.

"Featuring path breaking initiatives such as plug and play infrastructure, an earmarked landbank of more than 40,000 acres; flexible rental and pricing structures; Automatic permissions in 48 hours through the Maha Parwana route; specialized labour protection guidance’s and an Industry employment bureau for local skill and capacity matching for industries, the state will aim to convey its readiness for the 2020 post pandemic world where investments are readily met with a capable ecosystem of executional excellence," said the state government.

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