In a bid to attract foreign investment, Rajasthan’s Industries Minister, Col. Rajyavardhan Singh Rathore, led a high-level delegation to an investors’ meet in Dubai today. This event set the stage for the upcoming ‘Rising Rajasthan’ Global Investment Summit 2024, slated for December this year, underlining the state’s commitment to fostering international economic partnerships.
Minister Rathore extended a warm invitation to the UAE business community and investors, encouraging them to explore the myriad opportunities Rajasthan has to offer. His address emphasized the state government’s dual focus on enhancing the ease of doing business and reducing operational costs, positioning Rajasthan as an attractive destination for global investors.
The stability of Rajasthan’s political landscape emerged as a key talking point. Rathore assured potential investors of the government’s longevity and commitment, stating, “We are a stable government. We are a majority government in Rajasthan. We’ve just taken charge… As per the Constitution, we have four years to go without any hindrance.” This assurance was aimed at instilling confidence in the continuity and realization of investment agreements.
Consul General of India, Shri Satish Kumar Sivan, commented that Rajasthan stands to benefit immensely from the positive elements in the India-UAE relationship, such as the bilateral investment treaty, local currency settlement, fintech agreements, the virtual trade corridor, and the Bharat Mart. He concluded by emphasizing, “Any goals we set for this relationship will be dependent on our ability to harness the potential of the diverse sectors and the facilitating agreements.”
The delegation showcased its strengths across various sectors, including agro-processing, industrial parks, logistics, mining, petrochemicals, real estate, textiles, and tourism. The state’s presentation highlighted a significant 37% increase in exports from the previous financial year, abundant land availability, robust infrastructure and connectivity, rich mineral resources, an emerging petrochemical sector, a thriving textile industry, and world-renowned tourism potential.
The event also served as a platform to underscore the strengthening ties between India and the UAE. The Comprehensive Economic Partnership Agreement , signed in 2022, was highlighted as a cornerstone of this relationship. With the UAE being the seventh-largest source of FDI in India, boasting an estimated investment of $18 billion, the potential for collaboration in forward-looking sectors was emphasized.Looking to the future, the delegation outlined ambitious goals, including doubling the state economy to $350 billion by 2025 and doubling exports by 2029. The government’s focus on industrial job creation and value addition in manufacturing was presented as a key strategy for achieving these targets.Plans for new policies and infrastructure development were also unveiled, including the Rajasthan Regional and Urban Planning Bill and the development of smart cities. These initiatives aim to create a more favorable environment for businesses and improve the overall quality of life in the state.
The event concluded on a positive note with the exchange of several Memoranda of Understanding (MoUs) between the Government of Rajasthan and UAE business houses. This tangible outcome signaled a promising start to potential future investments and collaborations.
As Rajasthan positions itself as a prime investment destination, the success of this Dubai investors’ meet sets an optimistic tone for the upcoming ‘Rising Rajasthan’ Global Investment Summit. The state’s proactive approach in reaching out to international.
By Vinod Kumar (Dubai)