Ahmedabad: In an effort to strengthen the economy and generate employment, Prime Minister Narendra Modi met with a number of the leading CEOs in the world on Tuesday during the Vibrant Gujarat Global Summit.
The @VibrantGujarat Global Summit has played a crucial role in drawing investments and propelling the state's development. https://t.co/D8D2Y4pllX
— Narendra Modi (@narendramodi) January 10, 2024
Modi met with executives from Suzuki Motor Corp., Micron Technology, AP Moller, and DP World the day before he officially opened the summit on January 10, and they talked about business concerns and potential investments.
In an announcement on X (previously Twitter), the Prime Minister’s Office stated that Modi and Suzuki Motor President Toshihiro “discussed Maruti Suzuki’s plans to make India a strong player in the worldwide auto industry by exporting cars made in India and introducing international best practices for recycling and vehicle scrapping into India.”
Maruti Suzuki intends to establish its fifth facility in the nation, a second auto production, in Gujarat.”PM @narendramodi met with Mr. Sanjay Mehrotra, President and CEO of Micron Technology, in Gandhinagar. They talked about Micron’s initiatives to improve India’s semiconductor manufacturing sector, according to a different X post from the PMO.
A $2.75 billion semiconductor facility is being built by the US chip manufacturer Micron in Sanand, which is located around 40 kilometers from Ahmedabad. December of current year is when the plant is anticipated to be ready.
Additionally, Ahmed bin Sulayem, the CEO and group chairman of DP World, met Modi. “They talked about DP World’s intentions to increase investment in India, particularly with regard to developing environmentally friendly, energy-efficient ports and top-notch sustainable logistic infrastructure,” the PMO stated in an X post.
DP World and the Gujarati government are scheduled to sign three memorandums of cooperation concerning ports and port infrastructure during the three-day summit that begins on Wednesday.
According to sources, Ahmed bin Sulayem also spoke with Gujarat Chief Minister Bhupendra Patel on development projects. The person, who wished to remain anonymous, stated that the corporation is expected to suggest investments beyond ₹30,000 crore.
In order to build, run, and maintain a new container port in Kandla, Gujarat, that can handle 2.19 million 20-foot equivalent units (TEUs) annually, DP World and the Deendayal Port Authority signed a concession deal last year. With a total capacity of almost 6 million TEUs, the logistics firm based in Dubai has five container ports in India: two in Mumbai, one in Mundra, one in Cochin, and one in Chennai.
According to sources, Mohamed Eidha Almenhali, regional CEO of the United Arab Emirates’ AD Ports Group, is also anticipated to sign a deal during the conference to establish a port city in Gujarat. In Ahmedabad, the UAE-based Lulu Group International hopes to build the biggest mall in India. According to sources who asked to remain anonymous, the retail behemoth is anticipated to sign a commitment to spend over ₹3,000 crore in Gujarat during the meeting.
With over 45% of India’s oil imports coming from West Asia, the region is crucial to the country’s economy. In recent years, bilateral commerce has flourished, especially with the United Arab Emirates and other Arab states. For employment, millions of Indians have moved to the Persian Gulf, and they make up a sizable portion of the remittances sent home from abroad.
Modi also had a meeting with AP Moller CEO Keith Svendsen. “The Prime Minister praised their intentions to expand in GIFT City. The PMO stated that they covered important subjects including the development of logistical infrastructure and renewable hydrogen.
He also had a meeting with Iain Martin, the vice-chancellor of Deakin University”They had a fruitful conversation on how to improve cybersecurity cooperation between the government and academia. As to a PMO post on X, the PM has further encouraged Deakin University to work with Indian universities in order to improve research and innovation.
It is anticipated that around 100,000 people will attend the summit, which takes place from January 10 to 2, and that attendees will include ministers, ambassadors, CEOs, and business executives from 133 nations.
Petr Fiala, the prime minister of the Czech Republic, is scheduled to attend the 10th summit’s opening session on Wednesday in Gandhinagar as the guest of honor. The presidents of Mozambique, José Ramos-Horta of Timor-Leste, and Sheikh Mohamed bin Zayed Al Nahyan of the United Arab Emirates will be among the major guests.