Senior officials take part in roadshows the world over to lure investors

The Gujarat Government has launched concerted efforts to attract maximum investors during the impending ‘Vibrant Gujarat Global Investors’ Summit.’ Nevertheless, the biennial event this time around may have to bear the brunt of the current economic meltdown in terms of investment, mainly from foreign countries.

Senior officials, who recently participated in roadshows in some foreign countries ahead of the summit, admit that the unprecedented financial crisis may deter entrepreneurs there from committing considerable investment in Gujarat during the two-day event to be held at the Science City near Ahmedabad on January 12-13, 2009.

State Principal Chief Industries Advisor R J Shah, who participated in a roadshow in the US recently, concedes that the economic meltdown has hit that country hard, and there is little chance of major US multinationals pledging investment in the state during the summit.

Shah, however, said that despite the impact of the meltdown on the US economy, there are about 10 to 12 companies from that country who have shown their willingness to invest in the state. “During our road shows, we could certainly find the US economy reeling under the current wave of economic downturn. But the representatives of some of the companies we interacted with during our visit, told us that they were keen to invest in Gujarat,” Shah told Newsline on Saturday.

He said certain US firms have agreed to send their representatives to Gujarat to participate in the summit and pledge investment mainly in infrastructure, engineering and solar energy. “There are entrepreneurs in the US who believe that the current crisis will blow over in the next few months, which will encourage them to invest in industry-friendly places like Gujarat,” Shah added.

... contd.