The Vibrant Gujarat Global Summit, an event orchestrated by the Gujarat government since 2003, has been a cornerstone in the state's effort to attract foreign direct investment (FDI). Over the years, this biennial summit, characterized by meticulous strategies and effective execution, has contributed significantly to Gujarat's economic growth, fostering a cumulative FDI of USD 55 billion between 2002 and 2022.
Heralded as a gateway for foreign investment, the Vibrant Gujarat Global Summit is set to host its 10th edition, themed 'Gateway to the Future,' from January 10 to 12 in Gandhinagar. State officials, in a recent roadshow in Hyderabad, highlighted Gujarat's FDI-friendly policies, citing the state's substantial contributions to India's GDP (8.3%) and its impressive FDI figures.
Gujarat has attracted major multinational corporations, including Fortune 500 companies, and is home to a robust MSME sector, encompassing over 13 lakh enterprises employing more than seven-and-a-half lakh individuals. The state has excelled in logistics and connectivity, facilitating its appeal as an investment destination.
The evolution of the Vibrant Gujarat Summit is evident in the increasing participation of partner countries. While previous editions didn't include partner countries, the 2019 summit saw 15 major nations participating. The upcoming edition boasts partnerships with 28 countries, showcasing the international resonance of the event.
Prime Minister Narendra Modi also lauded the summit's growth, highlighting the substantial increase in participating countries and exhibitors over the years. From a handful of countries and 30 exhibitors in 2003, the summit now engages 135 countries and attracts over 2000 exhibitors.
Gujarat's attractiveness for investment is reflected in the FDI data, indicating a consistent inflow of foreign investments over the last two decades. The state's auto sector, which draws 13% of its FDI, outperforms India's national auto sector, attracting only 5% of the country's total FDI. Gujarat's exports, particularly in the financial year 2022-23, amounted to Rs 12 lakh crore, contributing 33% to the country's total exports.
The competitive edge Gujarat offers to investors, enhancing manufacturing competitiveness for domestic and global markets, is seen as a significant driver for its success. Industry leaders like Maruti Suzuki's Rahul Bharti commend Gujarat's role in boosting manufacturing competitiveness.
Vice President of Gujarat Chamber of Commerce and Industry, Sandeep Engineer, attributes Gujarat's expanding industrial exports to the summit, highlighting Prime Minister Modi's proactive efforts to engage international enterprises and encourage investment in Gujarat.
Overall, the Vibrant Gujarat Global Summit stands as a testament to Gujarat's proactive economic approach, drawing global attention and fostering an environment conducive to investment and growth.
(With Agency Inputs)
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