The Gujarat government signed 41,299 Memorandum of Understanding (MoUs) for investment intentions on the 10th edition of Vibrant Gujarat Global Summit (VGGS) 2024, with a value of Rs. 26.33 lakh crore, at Mahatma Mandir, Gandhinagar, Gujarat from January 10th to 12th, 2024.
- The theme of this year’s summit is ‘Gateway to the Future’
- 35 partner countries and 14 partner organizations participated in the summit
- The Summit is also being used as a platform by the Ministry of Development of the North-Eastern Region to showcase investment opportunities in the North-Eastern regions.
Key Highlights of the event
Most of the investment proposals are in urban development, minerals, chemicals, petrochemicals, animal husbandry and fishing, power, oil & gas, agro and food processing, textile, and apparel.
i.More than 61000 delegates from over 140 countries participated in the summit.
- Presidents of three countries- Filipe Nyusi (Mozambique), Jose Ramos-Horta (Timor-Leste), and Petr Pavel (Czech Republic) participated in the summit.
- United Arab Emirates (UAE)’s President Sheikh Mohamed bin Zayed Al Nahyan was the Chief guest of the VGGS 2024.
ii.Launches made by Prime Minister (PM) Narendra Modi:
- PM launched an e-coffee table book titled ‘The Summit of Success Towards Realization of Fullest Potential of Gujarat’
- Launched commemorative Coin of Rs 20, to honour the first Vibrant Gujarat-2024 Summit of Amrit Kaal.
- A Commemorative Stamp marking the successful completion of 20 years of the vibrant Gujarat Global Summit.
- Impact Research Report on the two-decade influence of the Vibrant Gujarat by Industrial Association.
iii.Industry leaders attending the VGGS have pledged investments of over Rs 2.38 lakh crore in Gujarat
USISPF Joins Vibrant Gujarat Global Summit as Partner Organisation
US-India Strategic Partnership Forum (USISPF) formed in 2017, is an independent non-profit, non-governmental, and non-partisan organization headquartered in Washington, D.C., with offices across both countries (India and US), it bridges the gap between business and government and fosters closer public-private sector partnership.
- It will lead a delegation comprising 35 Fortune American companies, including Salesforce, Abbott, Blackstone, HSBC, UPS, Micron, Cisco, SHRM, and others.
- Lal Karsanbhai, President and CEO of Emerson will lead the Delegation
- Dr. Mukesh Aghi, USISPF President & CEO will Co-led the Delegation
- The companies are also eagerly exploring opportunities to build on the flagship Gujarat International Finance Tec-City (GIFT) City’s economic landscape
The focus of the delegation is to leverage India’s momentum in the hi-tech manufacturing space, particularly in avenues of semiconductors and chip manufacturing, as well as critical areas of the energy transition, chemicals and industrial manufacturing, aerospace, and defence.
India, UAE Seal Four MOUs at Gujarat Summit, UAE’s DP World Signs MoUs worth USD 3 Billion With Gujarat Government
The Chief guest of the VGGS, United Arab Emirates (UAE)’s President Sheikh Mohamed bin Zayed Al Nahyan held bilateral meeting on the sidelines of VGGS.
Four MoUs were signed between India and UAE in the field of
- Investment cooperation in renewal energy sector
- Innovative healthcare projects
- Food park development
- And MoU with UAE’s DP world for the development of new ports, terminals, and economic zones with the investment of USD 3 billion.
Torrent Power signs 4 MoUs with the Government of Gujarat to invest Rs 47,350 crores
Torrent Power has inked four initial pacts with the Gujarat government to invest Rs 47,350 crore in renewable energy, green hydrogen and electricity distribution. The 4 MoUs are
i.Development of 3450 Megawatt (MW) of solar Power Projects and 1045 MW of Hybrid Power Projects with an investment of Rs 30650 crore in the districts of Banaskantha, Jamnagar, Patan, and Surendranagar.
ii.Development of the infrastructure of a solar park for 7000-MW Solar Power project in Banaskantha district for Rs 4500 Crore.
iii.Setting up a Green Hydrogen/Green Ammonia production facility with a capacity of 100 KTPA in Banaskantha / Dahej with total proposed investment of Rs 7,200 crore.
iv.Investment of Rs 5,000 crore in Torrent Power’s distribution business in the cities of Ahmedabad, Gandhinagar, Surat, Dahej SEZ and Mandal Becharaji SIR (MBSIR)
Erisha E-mobility inks Rs 6,900 crore mou with Gujarat government for green hydrogen and mega EV park
The MOU includes intiatives in green hydrogen production, the establishment of Electric Vehicle (EV) Park, and deployment of 100 cutting edge EV Charging hubs across Gujarat.
- Investment of Rs 5000 crore To establish an ecosystem for green Hydrogen production which will generate employment of 4000 person ( Direct+ Indirect)
- A first of its kind EV park covering 320 acres with an investment of Rs 1500 crore will also be established in Gujarat which will generate employment of 5000 persons (Direct+ Indirect)
- Erisha E mobility will install 100 state of art EV charging hubs across Gujarat.
Other Important Memorandum of Understandings
| Company | MoU with | Purpose | Place | Proposed Investment | Period |
|---|---|---|---|---|---|
| Infibeam Avenues | Government of Gujarat | To establish an artificial intelligence (AI) hub for payments and platforms | GIFT City | Rs 2,000 Crore | By 2030 |
| Eros Investments | Government of Gujarat | To develop India’s first AI park, called Immerso AI Park and an AI university | GIFT City | RS 16000 Crore | By Mid 2025 |
| Maruti Suzuki | To establish second manufacturing plant(with installed production capacity of 10 lakh units per annum) | Gujarat | Rs.35000 Crore | By 2028-29 | |
| IBM | CTE(Commissionerate of Technical Education) Gujarat | Development of AI and cybersecurity education | Gujarat | – | – |
| Tata Power Renewable Energy Limited(TPREL) | Government of Gujarat | Development of 10,000 MW of renewable energy power projects | Gujarat | Rs. 70000 Crore | |
| IPL Biologicals | Government of Gujarat | To establish a state-of-the-art biofertilizers, bio pesticides, bio fungicides, and microbial growth promoter facility in the region | Gujarat | Rs 400 crore | By 2030 |
| DCM Shriram | Government of Gujarat | For the manufacturing of chemical and petrochemical products | Bharuch | Rs 12,000 crore | By 2028 |
| South Korean Simmtech | Government of Gujarat | For setting up a unit to support semiconductor ecosystem | Sanad | Rs 1250 | |
| NHPC | Gujarat Power Corporation Ltd(GPCL) | To invest in 750 MW Kuppa Pumped Hydro Storage Project | Chhota Udaipur, Gujarat | Rs. 4000 Crore | |
| Shanghai’s NDB(New Development Bank) | Government of Gujarat | Loan agreement earmarked for Pradhan Mantri Gram Sadak Yojana for construction of approximately 1200 km road | USD 500 million | ||
| Instashield Signs | Government Of Gujarat | For the execution of the project called ‘Revolutionizing Virus Disruption’ to protect the citizens from the existing and growing viruses including different variants of the coronavirus family. | Rs.45 Crore | ||
| NTPC Green Energy Ltd. | Gujarat State Petroleum Corporation Ltd (GSPC) and Gujarat Pipavav Port Ltd (GPPL) | To develop a green hydrogen ecosystem including production of green ammonia for export and the domestic market, at the land provided by GPPL and to explore the development of Pipavav Port as an anchor port by NGEL for exploration, development and operations of offshore wind farms in Gujarat |
About Vibrant global Gujarat summit
i.Vibrant Gujarat, also referred to as Vibrant Gujarat Global Summit, is a biennial investors’ global business event that is held in the state of Gujarat.
ii.VGGS began in 2003 under the leadership of Shri Narendra Modi, Hon’ble Prime Minister of India (the then Hon’ble Chief Minister of Gujarat).
About Gujarat
Chief Minister – Bhupendrabhai Patel
Governor – Acharya Devvrat
Capital – Gandhinagar
