Bengal Global Business Summit 2023 From Tuesday; 25 Nations To Take Part

The stage for the seventh edition of the Bengal Global Business Summit (BGBS) is set to host influential figures from over 25 countries, including business leaders, political dignitaries, and corporate giants from India on Tuesday. Notable attendees are expected to include representatives from Reliance Industries, ITC, and Ambuja Neotia.

Participating countries span the globe, with the United States, United Kingdom, Japan, Poland, France, Australia, Germany, Malaysia, Bangladesh, and Fiji among the diverse nations set to engage in the summit. The focus of this two-day event includes critical sectors such as MSME, textiles, engineering, energy, transport, urban infrastructure, real estate, agriculture, tourism, and international trade and logistics.

Over 250 Foreign Delegates To Take Part

Anticipating over 250 international delegates, the summit aims to attract the attention of prominent organizations, including senior representatives from the World Bank and the Asian Development Bank. According to reports, Reliance Industries Chairman & MD Mukesh Ambani is expected to grace the event, alongside other industry stalwarts like Sanjeev Goenka, Sanjeev Puri, Purnendu Chattopadhyay, Harshvardhan Neotia, and Sajjan Jindal.

The British Deputy High Commission has revealed that the United Kingdom is gearing up to bring its "largest-ever" delegation to the BGBS, with a 55-member strong representation from diverse businesses and institutions.

Officials highlight the significance of B2B and B2G meetings taking place on the sidelines of the summit, emphasizing the potential for trade and investment collaboration between the global community and West Bengal. In the previous edition of 2022, a substantial milestone was achieved with the signing of 137 MoUs, Letters of Intent (LoI), and Expressions of Interest (EoI) totaling INR 3,42,375 crore in investment proposals. These initiatives are projected to generate employment opportunities for a staggering 40 lakh individuals, according to state government data.

Key Development Projects In State

West Bengal one of the key contributors to India's export landscape, accounting for 12 per cent of the country's leather and 10 per cent of iron and steel exports. The backbone of the industrial structure lies in the micro, small, and medium enterprises, and West Bengal boasts the second-highest number of MSMEs nationwide, totaling around 90 lakh units, constituting 14 per cent of India's MSME sector.

The state is actively pushing forward with significant projects, including mining operations at Deocha-Pachami-Dewanganj-Harinsigha, the world's second-largest coal block. The government has developed ready-to-invest industrial infrastructure, featuring over 200 industrial parks and estates, covering approximately 10,000 acres.

To further accelerate industrialization, the state is actively developing three Industrial Growth Corridors at Dankuni-Raghunathpur, Dankuni-Kalyani, and Dankuni-Haldia. Moreover, a new deep-sea port is on the horizon at Tajpur near Digha, promising to enhance the state's maritime infrastructure.

Following a 12-day tour of Spain and the UAE in September, State Chief Minister Mamata Banerjee expressed satisfaction with the trip, deeming it “very successful”. During the visit, she disclosed that a Spanish textile giant, Tempe Grupo Inditex (Zara), is gearing up to expand its operations. In collaboration with private entities, the company intends to establish manufacturing facilities in West Bengal, with production slated to commence before Christmas 2023. This marks a significant development as the state attracts investments and strengthens ties with prominent players in the textile industry.

Conclusion

With a focus on critical industries, the summit anticipates over 250 foreign delegates and the participation of renowned entities contributing to Bengal's economic growth. The state's commitment to key development projects and strategic initiatives underscores its position as a prominent player in India's industrial landscape, set for substantial growth and global partnerships.