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IMC meet touches upon agro & FP
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Saturday, 19 January, 2008, 08 : 00 AM [IST]
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Ronita Torcato, Mumbai
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ign direct investment, will continue to contribute the lion's share to India's rapid economic growth, vowed Maharashtra chief minister Vilasrao Deshmukh while inaugurating the Indian Merchants Chamber's Jan 10-12, 2008 "Global Trade and Investment Conference" in Mumbai.
The chief minister substantiated his statement by pointing out that Maharashtra has issued letters of intent to FIIs for setting up 85 mega projects (in various sectors including agri-business and food processing) at an investment of over Rs 1,10,000 crore.
The IMC organised the conference, as part of its on-going centenary celebrations, to attract foreign investors and to interact with foreign and domestic entrepreneurs, policy makers and senior corporate executives. Significantly, business delegations and diplomats from 25 of the 48 countries with whom the IMC has signed MOUs, addressed the conference with a view to exploring prospects of trade and investment in India, and forging partnerships with Indian businessmen.
Delivering the keynote address, Union Minister for Foreign Affairs Vayalar Ravi urged the business community to appreciate that unlike in China, the democratic coalition government in India would be unable to impose policies like opening up the retail trade for foreign investments, as such a step would affect the livelihood of millions of people.
Speaking on Investment Opportunities in Agro & Food Processing in India, G Chandrashekhar, Editor (Commodities & Agri Business), The Hindu Business Line, said India was the third largest food producer in the world, largest producer of milk, the second largest producer of wheat, sugar and fruits. India's agro and food processing industry had notched double digit growth, he said, expressing regret that "this has not seeped into the consciousness of investors."
IMC Centenary Celebrations Committee and HDFC chairman Deepak Parekh said in the past year Indian corporates had effected 661 mergers and acquisitions involving assets worth $51 billion. The Indian stock markets were booming and market capitalisation had touched $1trillion mark recently, he said.
The governments of Maharashtra and Madhya Pradesh partnered with IMC in the three-day initiative which saw leading authorities, investment experts and business leaders making presentations on sunrise sectors such as biotech and pharma, agro and food processing, health tourism and hospitality among other areas. Representatives of the governments of Maharashtra and Madhya Pradesh made special presentations on investment opportunities in their respective states.
Among the participant countries were Austria, Brazil, Belgium, Canada, China, Hong Kong, Iraq, Israel, Japan, Malaysia, Poland, South Africa, Saudi Arabia, Singapore, Slovenia, South Korea, Tanzania, Taiwan, UAE, UK and US.
Adam Szejnfeld, Secretary of State in the Finance Ministry, Poland, said Poland had recorded the highest growth rate of 5-6% in Europe since its entry into the European Union, which was committed to channel investments of Euro 100 billion into Poland between 2008 and 2013 at the annual rate of $15 billion. He invited Indian businessmen to Poland, saying unprecedented economic expansion would open vast opportunities.
Daniel Zohar Zonshine, Dean of the Consular Corps and Consul General of Israel, said Israel had the highest number of companies listed on NASDAQ and was the first country outside of the US, which attracted a massive investment from Warren Buffet.
Raviv Byron, chairman, Israel-India & Nepal Chamber of Commerce, underlined Israel's computerised agri inputs, water soluble fertilisers, biotechnology, aquaculture, organic and dairy farming and irrigation. As managing director of Haitech Agro Solutions, Byron sets up agri projects in India. "I also represent a number of Israeli companies involved in agri projects and inputs. Israel is a world leader in water conservation techniques," he said.
Zinhle Dulcie Sokhel, president, Pietermaritzburg Chamber of Business, South Africa, signed an MOU with the IMC.
Elaine Brouca, Vice Consul & Trade Commissioner, Canada told the audience "the dal that you eat was most probably prepared from pulses from Canada," adding that she was delighted a five-star hotel from a Canadian chain would be shortly opening to Mumbai, "but the main problem is creating awareness."
Looking to the future, Sarah Morgan, manager, Asia Pacific & Africa, Think London, said the city would be venue of the Olympics in 2012, and Indian businessmen would be welcome since a plethora of needs would have to be addressed, such as the daily provision of 100 tonnes of meat and 350 tonnes of vegetables, apart from 3,000 metres of rivers to dredge.
Other speakers who addressed various sessions outlining investments opportunities in their respective countries on the concluding day of the three day conference were H.E Dr Noureddine Bardad-Daidj, Ambassador of Algeria, New Delhi, Dr Walter Stechel, Consul General of Germany, "the strongest economy in Europe", Dong Yern Kim, Consul General of South Korea, Janusz Bylinski, Consul General of Poland, Chen Jin Cheng, Consulate General of China, Gaurav Bansal, American Consulate, Shalom Cohen, MD, Zim Shipping, and Ariel Kolitz, MD, Elul Industries, Loretta Wan from the Hong Kong Trade Development Council, M Rajaram, Chairman, Singapore Indian Chamber of Commerce, Ms Yumiko Noda, deputy mayor, Yokohama City, Japan, Daizo Nishioka, executive director, City of Osaka, Dr Tong Soo Chung, Head of Invest Korea (KOTRA) Vasu Nallayan from the Malaysian Industrial Development Authority (MIDA) and Hans-Jörg Hörtnagl, Austrian Trade Commissioner, New Delhi .
According to IMC president Niraj Bajaj the conference was organised with the following objectives:
● To explore and strengthen the multilateral trade and investment in sunrise sectors between India and IMC's global business partner countries
● To provide opportunities through the 'special match-making sessions' to identify potential partners in various Indian States and to network with various investment authorities
● To acquaint delegates with the unique contours of doing business with India and other countries
● To reinforce and reorient the working relationship between the Chambers and foster mutual cooperation.
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