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Bihar business summit: MoUs signed with eight firms for investment of Rs 554.4 cr

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PATNA, Dec 13: Memorandums of Understanding (MoU) were signed between the Bihar government and eight companies on Wednesday for proposed investments of Rs 554.4 crore in textile and leather sectors in the eastern state.

Speaking at the inaugural session of the two-day global investors’ summit ‘Bihar Business Connect-2023’ here, Bihar industries minister Samir Kumar Mahaseth iterated the demand for the creation of Special Economic Zones (SEZs) in the state by the Centre, and assured the delegates that the Nitish Kumar government would provide all assistance to them for establishing industries.

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“With new policies, Bihar has changed. Join the new Bihar and enrich it. If industries grow in the state, the country will progress too. I once again request the Centre to create at least four SEZs in the state that will pave the way for fresh investment opportunities,” he said.

“There is no doubt that investors are coming to Bihar. An increase in investments would take Bihar to the list of top 10 states in terms of industries in the next five years, and in the subsequent five years, it will make it to the list of top five states in the country,” the minister asserted.

Stating that the Centre should grant special status to Bihar to ensure faster growth, he said the state government’s focus is on food processing, leather, textiles and information technology, among other sectors.

On the inaugural day of the summit, the first session discussed the textile and leather sectors, during which MoUs were signed with eight major firms for investments of Rs 554.4 crore.

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Notable among the proposed investments are Rs 274 crore by Savi Leathers, Rs 100.5 crore by Komal Texfab, Rs 94 crore by Maa Prabhawati Textile Mills, Rs 52 crore by Cosmus Lifestyle Private Limited and Rs 15 crore by Bharti Exim Private Limited.

Speaking on the occasion, Kamal Oswal of Nahar Group of Industries, said, “Our group will soon build a logistics park in Patna. Production of items of Monte Carlo brand will now start in Bihar… Our company operates industries in Punjab and Rajasthan, and about 25,000 people work in our firm, of whom around 40 per cent are from Bihar.

Vijay Jha, Director of Savi Leathers, shared his journey of starting a leather garment factory in 2009. His firm now exports goods to 12 countries.

Despite a delay in land allocation in Bihar, Jha said he was committed to opening a factory in Pandaul in Madhubani by September 17 next year.

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Ramesh Agarwal, MD of Rupa Company, said that the products of his company were immensely popular in Bihar and spoke on his impression of the growth of the state.

Bui Trung Thuong, trade counsellor of the Vietnam Embassy, spoke about the spiritual connection between Vietnam and Bihar, as Bodh Gaya is the land of enlightenment of Lord Buddha.

“Vietnam’s leading role in the textile sector aligns with this relationship. We will explore options for the investment in Bihar,” he said.

Earlier in the day, Sandeep Poundrik, Additional Chief Secretary of the state Industries Department, spoke about the state’s history and current industries.

He said that the bag manufacturing cluster in Muzaffarpur has made a significant contribution to the industrial development of the state.

“Around 1,200 industrial machines are being used in Muzaffarpur for textile and leather production. Bihar is also performing very well in the field of MSMEs,” he said.

Representatives from 16 countries including the US, Taiwan, Japan and Germany, are attending the summit, which aims to project the state as an attractive global investment destination.

A total of 600 delegates, including those from major Indian business houses such as Adani Group, Godrej Group and Britannia, are scheduled to take part in the two-day event. (PTI)

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