New Delhi: The Maharashtra Industrial Development Corporation (MIDC) has signed 25 Memorandums of Understanding (MoUs) at the ongoing Dubai World Expo, the Maharashtra government announced Saturday.
Signed under the government’s Magnetic Maharashtra 2.0 initiative, the MoUs come with proposed investment of nearly Rs. 15,260 crore, with the potential to generate direct employment for 10,851 people, claimed a statement issued by the Maharashtra government and the MIDC. While the Magnetic Maharashtra 2.0 initiative is currently in its seventh edition, this is the first time that it has been promoted on an international platform.
The MoUs have been signed in “key thrust areas” such as auto and auto components, logistics, electric vehicles, textiles, data centre, pharmaceuticals, biofuels and energy. Following the MoUs, companies from six countries — Japan, Singapore, Sweden, South Korea, Germany and Italy — will be investing in Maharashtra, helping boost the flow of Foreign Direct Investment (FDI) into the state.
“It is interesting to note that all the interested FDI investors are of the sectors where Maharashtra has dedicated promotion policies. This signifies the importance of the state government’s proactiveness in policy development and good governance,” the statement added.
Reiterating that FDI is “an important strategic tool” to drive Maharashtra’s and India’s continued economic development, the statement pointed out that that FDI inflow in Maharashtra has gone up from “Rs. 2,543 crore in 2004-2005, to Rs. 79,216 crore in 2019-2020.” Between 2000 and 2020, the state attracted one-third of India’s cumulative FDI inflows, it added.
The Maharashtra government’s participation in the Dubai World Expo 2020 began on Friday, 19 November, and will conclude on Thursday, 2 December. The delegation is being led by Maharashtra Industries Minister Subhash Mishra.