Catalysing economic renaissance in the state

Insights from the Invest Goa 2024 Summit – an event promoted to foster industry confidence and seek investments

The Invest Goa Summit held on January 29, 2024,   marked a significant milestone in the economic development of the region. The summit aims to position Goa as a premier investment destination, contributing to India’s journey in becoming the world’s fastest growing large economy under the leadership of Prime Minister Narendra Modi.

Inaugurated by Chief Minister Dr Pramod Sawant, the event witnessed the presence of key dignitaries, including Mauvin Godinho, Industries Minister and Suresh Prabhu, Former Union Minister. The Chief Minister commended Goa Industrial Development Corporation (Goa-IDC) and Confederation of Indian Industry (CII) for organising the summit, highlighting India’s rapid economic growth and Goa’s emergence as a favoured investment and  business  hub. He invited global businesses and investors to explore opportunities in Goa, emphasising the government’s initiatives such as the Startup Policy, New Industrial Policy, and the Chief Minister’s Apprenticeship Program – to enhance the state’s business environment. The summit, organised to attract  investments and promote  business opportunities in Goa, brought together key stakeholders, entrepreneurs, and government officials to discuss and   strategise the future growth of the state.

One of the immediate impacts of the Invest Goa Summit was the influx of investment pledges across various sectors. Several companies, both domestic and international, expressed their commitment to investing in Goa, citing the state’s conducive business environment and strategic location. The summit served as a platform for these entities to engage with government representatives  and showcase their plans for expansion and collaboration.

“Goa will foster  an investment friendly atmosphere,  prioritising sustainable and ecofriendly industries. We must leverage our  status as a tourist hub by implementing industry policies that attract investors. Additionally, aligning our economic goals with environmental sustainability is crucial for long-term prosperity, and we  are actively seeking partnerships to achieve this balance”

Chairman of Goa-IDC

During the summit, Pravimal Abhishek, Managing Director of Goa-IDC, outlined the objective of the event – to correct the narrative surrounding Goa and showcase the State as an attractive investment destination. He  emphasised that Goa’s location and infrastructure make it a compelling choice for investors. Abhishek further stated that industry status has been accorded to manufacturing, IT, ITeS, logistics, and  warehousing sectors. This designation ensures that these sectors can leverage government policies for their benefit.

Addressing the Invest Goa 2024 Summit, Dr Sawant highlighted Goa’s status as a preferred global investment destination, attributing its success to support from both the Central and State Governments. Emphasising the importance of a skilled workforce, he outlined government efforts to enhance young professionals’ skills through academia, industry dialogues, and a new apprentice scheme.

Industries Minister Godinho underscored Goa’s strategic geographical advantage, positioning it as a potential logistical hub. He discussed the state’s comprehensive policy promoting additional warehousing facilities, signaling a progressive shift from  traditional reliance on  tourism.

Former Union Commerce Minister, Suresh Prabhu envisioned Goa as a research and development hub,  leveraging the strong presence of pharma  industries. He proposed utilising the infrastructure of Goa Medical College and Hospital for genomics research, creating a thriving ecosystem.

“Goa can become a hub of research and development considering a robust presence of pharma industries in the state. Goa can utilise the infrastructure of Goa Medical College and Hospital and work in the field of genomics and  build an ecosystem around that. The State can be a hub for financial services including offshore banking”

Former Union Minister

Chandrajit Banerjee, Director General of  CII, announced plans to establish a regional culinary institute in Goa, aiming to showcase Indian regional cuisine globally. This  initiative, he believes, will be a unique and impactful addition to the region.

As a result, several Memoranda of Understanding (MoUs) were signed between the government and industry players, paving the way  or the establishment of new manufacturing units in the state. Notably, TVS Supply Chain Solutions Ltd from Bengaluru, a global leader in the sector, inked a Memorandum of Understanding (MoU) for a logistics park with a total investment of `125 crore  and the potential to generate  1,000 jobs. R Dinesh, the company Chairman, affirmed dedication to fulfilling this commitment within two years. Dinesh emphasised Goa’s natural advantages in logistics and the sector’s significant opportunities, expressing eagerness to be the pioneering  company in the region, providing a substantial boost to the government’s investment initiatives. Additionally, Goa’s Pai Kane group signed   MoU  for an engineering equipment project in Tuem in Pernem  taluka, reinforcing the idea behind the Summit.

Piruz Khambatta, CMD of Rasna International Ltd, lent support to the government’s plan for investments in the food processing industry. Having scouted industrial estates in the state a day prior to the summit, Khambatta  proposed a milkshake project based on Goan cashews, highlighting their potential global recognition akin to California almonds. The agreements were formalised with the Goa Investment Promotion and Facilitation Board  Goa- IPB).

Investment proposals presented at the summit included a 200-room hotel project and a co-generational power plant announced by Shrinivas Dempo, Chairman of the Dempo Group of Companies.

“Goa’s geographical  position is a strategic advantage that shouldn’t be overlooked. We are eyeing it as a  potential logistics hub, and to make it happen, we have introduced a comprehensive policy. Our focus is on encouraging more warehousing facilities,  marks a progressive step forward for Goa” Pai Kane Group signed a MoU with Goa-IPB during the Summit. The MoU, signed by Atul Pai Kane, CMD of Pai Kane Group, and Swetika Sachan, IAS, CEO of Goa-IPB, reflects a collaborative endeavour to tap into Goa’s  potential as a thriving hub for investment and development

State Industries Minister

The tourism sector, a cornerstone of Goa’s economy,  also witnessed a positive impact from the summit. Stakeholders in the hospitality industry engaged in discussions on enhancing infrastructure, promoting responsible  tourism, and exploring new avenues to attract visitors.

The summit provided a platform for collaboration between the government and private  enterprises to develop and promote Goa as a year-round tourist destination, beyond its renowned beaches and nightlife. The summit also underscored the importance of innovation and technology in driving economic growth. Startups and tech companies showcased their ideas and projects, seeking partnerships and investments to fuel their expansion. The government, recognising the role of technology in shaping the future, announced initiatives to foster   vibrant startup ecosystem in the state, including incubation centers, funding support, and mentorship programs.

Pai Kane Group signed a MoU with Goa-IPB during the Summit. The MoU,  signed by Atul Pai Kane, CMD of Pai Kane Group, and Swetika Sachan, IAS, CEO of Goa-IPB, reflects a collaborative endeavour to tap into Goa’s potential as a thriving hub for investment and development

The Invest Goa Summit also addressed environmental sustainability and the preservation of Goa’s unique ecosystem. With growing concerns about the impact of development on the state’s natural beauty, the summit discussions included strategies  for responsible development  that balances economic  progress with environmental  conservation. This emphasis on sustainability resonated with both investors and the local community, signaling a shift towards a more conscientious approach to development. One of the key outcomes of   the summit was the boost in employment opportunities for the local population. As new projects and industries  take root in Goa, there is a direct impact on job creation. The government’s commitment to skill development programs, in collaboration with industry  partners, further ensures that the local workforce is equipped with necessary skills to contribute to the evolving economic landscape.

Infrastructure development was another area that received attention during the summit. Recognising the need for robust transportation, energy, and connectivity infrastructure, the government announced plans to invest in upgrading and expanding existing facilities. This move is expected to not only support the influx of new businesses but also enhance the overall quality of life for residents. The summit’s success can be attributed to the collaborative approach adopted by the government, industry leaders, and the community. The inclusive nature of the discussions allowed for a  comprehensive understanding of the challenges and opportunities facing Goa. The commitment to transparency and accountability was evident in the various policy announcements and initiatives unveiled during the summit.

From attracting investments across sectors to fostering innovation and addressing environmental concerns, the summit set the stage for a new era of economic development in the state. As Goa embraces a diversified and sustainable growth trajectory, the ripple effects of the summit are expected to be felt in the years to come, shaping Goa’s economic landscape and contributing to its emergence as a dynamic and forward-looking state.

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