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New Delhi: Bihar will roll out the red carpet for domestic and foreign investors at a mega event in December as it looks to lure investments in sectors like textiles, food processing and EVs that will create jobs and boost business in the state.
After the grand success of the 2023 edition, the state will host the two-day Bihar Business Connect event on December 11 and 12 in Patna. And before that, it will hold roadshows in different cities, beginning with Kolkata on Monday.
"Bihar has a strategic locational advantage. Through Bihar, we can cater to the entire northeast, Nepal, Bangladesh, and Bhutan, and connectivity is excellent now in terms of roads and we have now three functional airports in Gaya, Patna and Darbhanga," said Nitish Mishra, Bihar's Minister for Industry and Tourism, who would be leading the roadshows.
Being a land-locked state, Bihar is giving export subsidies to bear the cost of moving goods to the nearest port, he added.
This, together with a very progressive industrial policy, makes the state an ideal investment destination.
"We are having Bihar Business Connect on December 11-12 in Patna. Before that, we are going to big cities for investors' meet starting from Kolkata on July 1. Investors meet in Kolkata is happening in association with Indian Chamber of Commerce," he told PTI.
The last edition of the investor meeting in 2023 saw memorandums of understanding (MoUs) being signed for proposed investment of Rs 50,500 crore by as many as 278 companies. Adani group had committed Rs 8,700 crore in cement manufacturing, logistics and agro-industry.
"Bihar Industrial policy of 2016 is one the best in the country as far as investment is concerned," the minister said.
"We also have sector-specific policies like food processing, leather, textile, bio-fuels etc. Bihar has huge potential for textile, food processing, leather, and these are the areas where we are eyeing for investments." He said the state will host 5-6 investor roadshows in different parts, leading to the big summit in December.
"Apart from Industrial policy, we also have tourism policy and IT policy. So, wherever we have these road shows or business events, we are not just talking about industrial policy but also about tourism and IT policy," he noted.
He cited HCL Tech opening its first office in Bihar on July 2 as a testimony to the state's growing attractiveness.
"It's a big breakthrough as it will have a chain effect and it might encourage other IT companies also because we have a pool of talent. We have plenty of human resources as IT professionals. So, Bihar would become a destination for IT sector investment." A statement on the roadshows issued by his department stated that the state government has transformed the industrial landscape over the past few years and emerged as one of the biggest consumer markets.
The Investors' Meet in Kolkata on July 1 will give investors an opportunity to have direct conversations with Mishra and the Additional Chief Secretary Sandeep Poundrik.
"The event will witness business networking, knowledge discussions and sessions for exploring synergies and partnership opportunities," he said.
"The meet is expecting participation from key stakeholders from food processing, textile and leather and general manufacturing sectors, representing approximately 100 leading companies, which includes industry giants like ITC, TT, Birla Group, LUX, Bata, Khadims, Emami to name a few."
In addition to corporate leaders, Abhay Kumar Singh, Secretary, the Tourism & Information Technology Department, Government of Bihar; Ravi Prakash, Director, Food Processing, Department of Industries; Rajeev Singh, Director General Indian Chamber of Commerce, will also be present in the meet.
"The Government of Bihar has adopted a targeted approach, focusing on pivotal sectors for attracting investment such as textiles and leather, food processing, IT & ITeS, ESDM, EV and general manufacturing. The state is offering plug-and-play infrastructure in the form of ready-to-move industrial sheds. Industry-specific Industrial parks are being developed such as a textile cluster, leather park and bag cluster in Muzaffarpur, upcoming Mega Food Park in Motipur, and Tannery cluster in Kishanganj to name a few," the statement said.
Being a pioneer state in enacting the Biofuel Policy, Bihar boasts of its ethanol units coming up in its different parts.
It also has a dedicated Textile & Leather Policy, offering additional incentives to textiles and leather units, Bihar Logistics Policy 2023 aims to provide international-standard infrastructure facilities for industrial and social growth in the state and Bihar Export Promotion Policy 2024 proposes to augment export capabilities so that the state emerges more attractive for potential investors.
"Infrastructural support to IT & ITeS companies through B-Hub, STPIs and IT parks in Patliputra Industrial Area will prove to be a strong advantage for IT & ITeS units in the state. This approach is aimed to align Bihar's industrial strengths with the requirements of these industries, creating a conducive environment for mutually beneficial partnerships," the statement said.