Rolling the Red Carpet for Investors in Goa

As Goa gears up for the Invest Goa Summit 2022, road shows are being held across different states with a delegation from GCCI and Government representatives to woo investors to the sunshine state, writes SYBIL RODRIGUES

The Goa Chamber of Commerce and Industry (GCCI), in collaboration with the Government of Goa, FICCI, and Invest India, are organising the ‘Invest Goa Summit 2022’ on Friday, 7th October 2022 at Taleigao Community Centre, Panjim, Goa.

The event aims to provide a strong boost for potential investors to look at ‘Goa’ as a lucrative investment destination and realise the vision of the Prime Minister of ‘Atmanirbhar Bharat’ and initiative of Goa’s  Chief Minister, ‘Swayampurana Goa 2.0’.

Invest Goa 2022 aims to establish a direct connect with key stakeholders and reduce procedural delays that hamper the growth of various sectors.

The event will focus on certain key sectors belonging to the green industry which are not energy intensive such as IT/ITES/electronics, logistics, startups and R&D centres, agro and food processing, tourism and allied sectors, education and entertainment.

Why Goa?

A question posed by many investors the reasons to invest in Goa are plenty, apart from it being the most preferred tourist destination in India. Goa is home to 23 well-developed industrial estates offering robust infrastructural facilities along with enviable human development indices, highest literacy rate, and highest per capita income. The state has excellent road/rail/air and sea connectivity to the rest of India, and has potential to be a top-notch logistics hub on the west coast with two airports and one major seaport. Goa already has established manufacturing, light and engineering industries, pharmaceutical, bio-technology, IT and ITES, and shipbuilding sectors. The emerging sectors in Goa today are logistics, agro and marine food processing, startups and R&D, tourism, education hubs and entertainment.

In the run-up to the Invest Goa 22 event, members of the GCCI along with the state’s Industries Minister, Mauvin Godinho and other State Government officials, are busy touring states to showcase Goa as a potential business destination.

Besides one-to-one business meetings and video conferences to promote the event, so far, the GCCI delegation has visited Belgaum Chamber of Commerce, Bellary Chamber of Commerce, and Federation of Karnataka Chamber of Commerce and Industry, Bengaluru.

Recently, a road show was conducted at the World Trade Centre in Mumbai and was followed by a road show in Gujarat where the delegation met up with businessmen in Ahmadabad.

Manguirish Pai Raiker, ASSOCHAM, National Council for MSME, one of the masterminds of this initiative said that Goa has the infrastructure, potential and opportunities to attract investments. Raiker feels that Goa should offer opportunities for youth, as many youngsters after graduating from college leave the state for greener pastures. “Investors and investments will generate employment in Goa and take our state to greater heights by generating revenue. Generating employment has a cascading effect in which everyone benefits right up from small shopkeepers to large business houses. Every industry is benefited and most importantly our youth can avail of these opportunities without having to leave their homes,” he says.

Having held a similar summit around ten years back, which focused on green energy, Raiker says this time around things are done differently by taking academicians of prestigious institutes on board to help identify skill sets and employability of the Goan youth. “We invited academicians from Goa Institute of Management, BITS Pilani, IIT Goa, NIT Goa, Goa Engineering College, Salgaocar Law College and Goa University. They undertook a study on the employability potential of the youth. They studied the skill sets available in the state, the training imparted to existing work force, and other parameters which resulted in six verticals for Goa to attract investors.”

Raiker states that they are looking mostly at mid-cap companies to invest in Goa. “Mid-cap industries do not require a large land bank. We have to manage within the existing limits of our state and also within the framework of available manpower. Hence we are targeting mid cap industries in logistics, IT, and the other sectors.”

Raiker stresses on the fact that Goa can be a large logistics hub. “Logistics is a huge sector and we can benefit immensely. Countries like Dubai and Singapore have flourished only because of logistics. We have a port, an airport (Dabolim), plus an upcoming airport (Mopa) which provide us with vast opportunities for export promotion. We also have the ‘Roll on-Roll off’ facility of Konkan Railways. Logistics is not only about warehousing. It would also require a cold chain, warehousing, truck terminals, multi-point loading facility, refrigeration units, and other modes of logistics. During our discussions with the chambers of commerce of neighbouring states we found that they are looking for avenues to export. Goa is ideally positioned to be the gateway for exports.”

There are road-shows being held in Mumbai, Ahmedabad, New Delhi and Bangalore in order to promote the upcoming event. Raiker says the competitions between different states are fierce and Goa has to be a step ahead of everyone. “All states are competing for investors and the scenario is very competitive. We as Goans have to offer an attractive proposition to be the choice for investment. We are lucky to have our Industries Minister, Mauvin Godinho, who is leading from the front. He has attended the road shows in Mumbai and Gujarat and will be attending the others too. The CEO of Investment Promotion Board, Swetika Suchan is doing a great job with her presentations and is going all out to attract different companies to Goa. We have targeted companies that fall in the six sectors that we have selected including pharmaceuticals so that we can benefit to the fullest.”

Apart from road shows, the GCCI delegation has also visited all the consulates, foreign delegates and organisations like the Singapore Investment Board, UAE Investment Promotion Council, and Investment Promotion Boards from other states of these countries. “We are likely to get foreign investments through them. We also have Invest India who have partnered with us. It is an association of the Government of India who help in promotion of investments in various states. Ernst & Young, a multinational professional services partnership are supporting this initiative, as they have a large client base. We have the knowledge chamber from Ahmedabad which is participating with us. Around sixty to seventy chambers are in sync with us and are trying to make it an event where maximum number of people can attend. We hope this ultimately culminates into them investing in Goa and providing commercial benefits for us,” Raiker added

‘Invest Goa’ Road Show held in Mumbai and Gujarat

L-R: Sanjay Amonkar, Pratyusha Jain – E & Y, Lalit Gandhi – Maharashtra Chamber, Manguirish Pai Raiker, Mauvin Godinho, Ralph de
Sousa, Sandeep Sood, Ashutosh Kharangate, Ujjwala Singhania – FICCI, Rupa Nayak – World Trade Centre

To promote Invest Goa ‘22 a road show was organised in World Trade Centre, Mumbai.  This Road show was led by the Industries Minister, Mauvin Godinho.  The other members included GCCI President,  Ralph de Sousa, GCCI Past President, Manguirish Pai Raiker, Director General, Sanjay Amonkar, Member, Managing Committee, Ashutosh Kharangate, Rajkumar Kamat and Pratusha of Investment Promotion Board, Goa

This event was supported by World Trade Centre, Mumbai with their Chairman, Dr Vijay Kalantri and Director Rupa Nayak.

In his keynote address, Mauvin Godinho spelt out the various reforms carried out by the Government of Goa to bring in fresh investments. He informed that a single window clearance has been set up in IPB, and to compliment the same the Goa Investment Promotion Policy has been released. Goa has year round mild weather, sunny beaches and is steeped in bio diversity and natural beauty. Here the quality of life plays an important role for new investors. Goa has excellent network of highways, sea, rail and air connectivity and a brand new airport to augment the same.

With 88% literacy and highest per capita income, population fluent in English, Hindi and Konkani, competent technical manpower and a low cost of living index makes Goa a preferred destination for investors.

The state has already improved in EODB rankings and has earned about 59 reforms to decriminalise 29 State Acts he added.


Pathik Patwari, President Gujrat Chamber and Ralph de Sousa

The recently released Goa Industrial Growth and Investment Promotion Policy 2022 focuses on emerging sectors like logistics, niche tourism, IT/ITS, agro and food processing, pharma and biotech.

The Government is emphasising on Public-Private Partnership (PPP) mode to take up infrastructure projects.  Special incentives are being given to industries with investments over 100 crores. The government is also proposing private land banks for potential investors

The Tourism Department, the Town and Country Planning Department and the Goa Pollution Control Board as well as the Municipal Administration have already come out with simplified procedures and Ease of Doing Business.

GCCI President Ralph de Sousa and Past President Manguirish Raiker emphasised on the fact that Goa is a pharma and light engineering manufacturing hub but there is capacity for more industries to come in.

Goa has strong infrastructure and the State Government is keen to promote industry. Various incentives have already been declared by the government and more are on the anvil.

There was an overwhelming response to the road show with many foreign consulates, trade missions, industrial associations, chambers and potential investors attending the same.

There was a Q&A session and networking after the event during which Godinho informed that two more road shows, will be held and already there is a lot of interest shown in the event. The Minister expressed confidence that many prospective investors will come to Goa.

The event was compered and hosted by Sanjay Amonkar Director General, Goa Chamber of Commerce and Industry.

Invest Goa Road Show in Gujarat

The Goa Chamber of Commerce and Industries (GCCI) in association with Gujarat Chamber of Commerce and Industry conducted a  Road Show in Ahmedabad to promote Invest Goa 22. A team led by  Industries Minister Mauvin Godinho along with Swetika Sachan, IAS, CEO, Goa Investment Promotion and Felicitation Board (GIPFB), Tulshidas Pai, OSD, GIPFB, Ralph de Souza, President GCCI, Mangirish Pai Raikar, Past President, GCCI and Sanjay Amonkar, Director General, GCCI. The prospective investors were also invited for the Goa Invest Summit. During this summit it was proposed to provide an opportunity to prospective investors to meet the decision taking authorities like ministers, secretaries and heads of various departments. A well attended event, it was supported by FICCI, Invest India and Ernst & Young. Godinho urged businesses from Gujarat to invest in Goa.

It was informed that in addition to six focus sectors identified, the investors are welcome to invest in any other sector suited for Goa. Swetika Sachan made a presentation on advantage Goa. President Ralph de Sousa and Manguirish Pai Raiker also spoke on the occasion. GCCI signed an MoU with Gujarat Chamber on this occasion

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