MoUs Worth INR 10 Lakh Crore Inked So Far Ahead Of Vibrant Gujarat Global Summit

The Gujarat government has announced the signing of a total of 234 Memorandums of Understanding (MoUs) ahead of its 10^th edition of Vibrant Gujarat Global Summit. Of these, 58 were inked on Wednesday, projecting cumulative investments exceeding INR 10.31 lakh crore across various sectors and the potential to generate around 13 lakh employment opportunities.

The newly signed 58 MoUs include agreements with central Public Sector Undertakings (PSUs) such as the National Thermal Power Corporation, Power Finance Corporation, Power Grid Corporation, ONGC, HPCL, IOCL, as well as state government enterprises like Gujarat Industries Power Company and Gujarat State Electricity Corporation.

A diverse range of private enterprises also participated in signing MoUs for investments in sectors like electric vehicles, agro and food processing, automobiles, biotechnology, cement, chemicals and petrochemicals, ports, education, engineering, healthcare and pharmaceuticals, industrial parks, IT-ITES, logistics, oil and gas, packaging, plastics, power, green hydrogen, and renewable energy.

Record Investments

The state government's approach involves weekly MoU signings with corporates and industrial houses in the presence of the chief minister and other cabinet members. The cumulative result of 17 such pre-VGGS events has now surpassed INR 10.31 lakh crore in committed investments.

Among the 58 MoUs signed, 17 expressed investment intentions exceeding INR 10,000 crore, 21 for commitments of less than INR 2,000 crore, 12 for investments between INR 5,000 crore-INR 2,000 crore, and eight for INR 5,000 to INR 10,000 crore.

Participation Of 100 Countries

Chief Minister Patel, addressing the event, highlighted the significance of Gujarat's role as a preferred investment destination, attributing it to Prime Minister Narendra Modi's initiation of the investor summit in 2003. Patel invited industrialists and investors to participate in the 10th edition of the summit, emphasizing the state's commitment to realizing PM Modi's vision of making India a developed nation by 2047 through the development of Gujarat.

The 10th Vibrant Gujarat Global Summit scheduled to take place in Gandhinagar from January 10 to 12 and as many as 100 countries are expected to participate in the three-day-long event.

Managing Director of Gujarat Industrial Development Corporation (GIDC), Rahul Gupta, said that a 'Global Trade Show' will be held on 9 January to mark the launch of the Summit. "About 100 countries will participate, with among them 32 partner countries and 16 partner organizations," Gupta said.