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Vibrant Gujarat Summit Seals 26.3L Cr Deals

In the 10th edition of the Vibrant Summit, MoUs for 41,299 projects worth a whopping Rs 26.33 lakh crores have been signed, reports Asian Lite News

The much-awaited Vibrant Gujarat Global Summit has come to an end after three days of activities, witnessing various big-ticket investment proposals from various Indian and overseas companies.

The high-value investment proposals included Indian companies such as Adani Group, Reliance Industries, Tata Group, and global corporate DP World, among others.

In the 10th edition of the Vibrant Summit, MoUs for 41,299 projects worth a whopping Rs 26.33 lakh crores have been signed, the organiser said in a post on X.

A large part of the MoUs were in the green energy space, said officials.

In 2022, MoUs for 57,241 projects with investments worth Rs 18.87 lakh crores were signed, but the Vibrant Gujarat Summit 2022 was postponed due to the COVID-19 pandemic.

With this, Gujarat accomplished a landmark by securing MoUs for investments in 2022 and 2024, surpassing Rs 45 lakh crores across 98,540 projects.

“Through MoUs in emerging sectors like Semiconductors, E-Mobility, Green Hydrogen, and Renewable Energy, the Vibrant Gujarat Global Summit 2024, themed ‘Gateway to the Future,’ aims to establish Gujarat as a leading state in realizing Hon’ble Prime Minister @narendramodi’s vision of Viksit Bharat@ 2047,” the official X handle of Vibrant Gujarat wrote.

During these three days, about 3,500 foreign representatives joined the summit, and representatives from 19 states also converged.

The 10th edition of Vibrant Gujarat Global Summit 2024 was inaugurated on Wednesday by Prime Minister Narendra Modi. The theme of this year’s three-day summit is ‘Gateway to the Future’ and includes the participation of 34 partner countries and 16 partner organisations.

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.

The Vibrant Gujarat Global Summit was initiated by Narendra Modi in 2003, the then chief minister, to put Gujarat on the world map of trade and industry.

This year, multiple industry captains, including Chairman of ArcelorMittal, Lakshmi Mittal, Toshihiro Suzuki, President of Suzuki Motor Corporation, Japan, Mukesh Ambani of Reliance Group, Sanjay Mehrotra, CEO of Micron Technologies, USA, Gautam Adani, Chairman of Adani Group, Jeffrey Chun, CEO Simmtech, South Korea, N Chandrasekaran, Chairman Tata Sons Limited, Chairman of DP World, Sultan Ahmed bin Sulayem, Shankar Trivedi, Sr VP Nvidia and Nikhil Kamat, Founder and CEO of Zerodha, addressed the gathering and informed about their business plans.

Addressing the summit after formally inaugurating it on Wednesday, the Prime Minister reiterated the pledge to make India ‘viksit’ by 2047, making the next 25 years ‘Amrit Kaal’ of the country.

“It is time for new dreams, new resolutions and continuous accomplishments,” he asserted.

Referring to the 20th anniversary of the Vibrant Gujarat Summit, the Prime Minister remarked that the summit has showcased new ideas and created new gateways for investments and returns.

Throwing light on this year’s theme of ‘Gateway to the future’, the Prime Minister said that the future of the 21st century will be brightened by shared efforts.

During India’s G20 Presidency, the Prime Minister said that a road map for the future has been presented and is being forwarded by the vision of the Vibrant Gujarat Global Summit.

“The priorities and aspirations of India’s 1.4 billion citizens and their belief in human-centric development, coupled with the government’s commitment to inclusivity and equality, are a major aspect of world prosperity and development,” the Prime Minister remarked. Today, the Prime Minister mentioned that India is the 5th largest economy in the world, while it lagged at 11th position a decade ago.

He also underlined that in the next few years, India will go on to become one of the top 3 economies in the world, as predicted by various rating agencies around the world. (ANI)

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Modi Shines at Vibrant Gujarat

Gandhinagar, Jan 10 (ANI): Prime Minister Narendra Modi addresses the Vibrant Gujarat Global Summit 2024, at the Mahatma Mandir Convention and Exhibition Centre, in Gandhinagar on Wednesday. (ANI Photo)

Addressing the 10th edition of the Vibrant Gujarat Global Summit in Gandhinagar, the Prime Minister said that India believes in people-centric development and is a friend who can be trusted…reports Asian Lite News

Underscoring the emergence of India as a voice for the Global South, Prime Minister Narendra Modi on Wednesday said that the world looks at the nation as an important pillar of stability.

Addressing the 10th edition of the Vibrant Gujarat Global Summit in Gandhinagar, the Prime Minister said that India believes in people-centric development and is a friend who can be trusted.

“The world looks at India as an important pillar of stability. A friend who can be trusted, a partner who believes in people-centric development, a voice that believes in global good, a voice of the Global South, an engine of growth in the global economy, a technology hub for finding solutions, a powerhouse of talented youth and a democracy that delivers…” PM Modi said.

He further said that the participation of UAE President Sheikh Mohammed bin Zayed in the Summit was “a matter of great joy for India.”

“His presence as the chief guest at the Vibrant Gujarat Summit is a symbol of the ever-strengthening relations between India and UAE.” the Prime Minister said.

PM Modi also highlighted that this is the first Vibrant Gujarat Global Summit in this Amrit Kaal.

“In the recent past, India completed 75 years of independence. Now, India is working on its goal for the next 25 years. We have the goal of making it a developed country by the time it celebrates 100 years of independence. Therefore, these 25 years’ duration is India’s Amrit Kaal,” the Prime Minister said.

“This is the first Vibrant Gujarat Global Summit in this Amrit Kaal. Therefore, this is even more significant. Representatives from more than 100 countries who are participating in this summit are crucial partners in this development journey of India…” he added.

The 10th edition of the Vibrant Gujarat Global Summit is being held from January 10-12 in Gandhinagar on the theme ‘Gateway to the Future’.

There are a total of 34 partner countries and 16 partner organisations for this year’s Summit, which is celebrating “20 Years of Vibrant Gujarat as the Summit of Success”.

The Summit was started in 2003 under the leadership of PM Modi when he was the state chief minister.

Modi made significant announcements regarding substantial investments in India’s port infrastructure, underscoring the country’s resilience and economic momentum.

PM Modi revealed that agreements worth billions of dollars had been signed with companies from the United Arab Emirates (UAE) for new investments in India’s port infrastructure.

PM Modi said, “Agreements have been signed for new investments worth billions of dollars in India’s port infrastructure by companies from the UAE.”

These agreements are poised to bring transformative changes to India’s maritime landscape, foster economic growth and enhance global trade connectivity.

In his address, the Prime Minister acknowledged the challenging global circumstances but highlighted India’s remarkable economic resistance and growth momentum.

He attributed this success to a decade of focused structural reforms, stating, “We are all aware of the global circumstances. So, in times like these, if the Indian economy is displaying such resistance, if the growth in India is showing such momentum, a big reason behind this is our focus on structural reforms in the last 10 years. These reforms have enhanced the capacity, capability and competitiveness of India’s economy.”

PM Modi emphasised that India has evolved into the fifth-largest economy globally, a significant leap from the 11th position a decade ago.

PM asserted, “Today, India is the fifth largest economy in the world. 10 years ago, India was in the 11th position. Today, all major agencies estimate that India will be among the top three economies in the world in the coming years. Let people across the world do their analysis, but it is my guarantee that it will happen.”

“The world looks at India as an important pillar of stability. A friend who can be trusted, a partner who believes in people-centric development, a voice that believes in global good, a voice of the Global South, an engine of growth in the global economy, a technology hub for finding solutions, a powerhouse of talented youth and a democracy that delivers…” the Prime Minister added.

The Prime Minister’s optimistic vision and commitment to India’s economic trajectory garnered applause from the summit attendees.

The focus on structural reforms and attracting substantial investments, especially in port infrastructure, aligns with the government’s strategy to propel economic growth and strengthen India’s position in the global economy.

As the Vibrant Gujarat Global Summit continues, the announcements made by PM Narendra Modi underscore the nation’s determination to navigate challenges and capitalise on opportunities, positioning India as a key player in the evolving global economic landscape. (ANI)

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Tata Unveils Chip Plant Plans

The company is also likely to commence the construction of a 20 gigawatts battery storage factory in Gujarat within the next few months….reports Asian Lite News

Tata Group on Wednesday announced plans to build a state-of-the-art semiconductor fabrication plant in Gujarat, as India begins the journey to become a global chip hub.

Tata Sons Chairman N. Chandrasekaran, speaking at the 10th Vibrant Gujarat Global Summit in Gandhinagar, said that Tata Group is on the verge of finalising and announcing a substantial semiconductor fabrication plant at Dholera in the state.

“We are about to complete negotiations for the semiconductor fab and start in 2024,” he told the gathering.

The company is also likely to commence the construction of a 20 gigawatts battery storage factory in Gujarat within the next few months.

“This ambitious initiative marks a strategic move by Tata to bolster its presence in the renewable energy sector and contribute to India’s growing focus on sustainable power solutions,” said Chandrasekaran.

The Tata Group is also planning to build one of India’s largest iPhone assembly plants in Tamil Nadu’s Hosur.

According to media reports, the facility is expected to feature around 20 assembly lines and employ 50,000 workers within two years. The site is expected to be operational within 12 to 18 months.

In September last year, US-based Micron Technology started the construction of a Rs 22,500 crore facility in Sanand, Gujarat, that will set a benchmark for India’s semiconductor journey.

The engineering major Larsen & Toubro (L&T) has also announced to invest up to Rs 830 crore to build a fabless semiconductor chip design subsidiary which will ramp up the country’s plan to become a semiconductor hub

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VIBRANT GUJARAT: Focus on UAE

The two sides finalised four MoUs including one between the UAE’s investment ministry and India’s renewable energy ministry on investment cooperation in renewable energy…reports Asian Lite News

India and the United Arab Emirates (UAE) on Tuesday finalised four agreements, including in food processing and renewable energy, to take forward cooperation within the I2U2 grouping as Prime Minister Narendra Modi and UAE President Mohamed bin Zayed Al Nahyan held talks on bolstering bilateral ties.

The visit of the Ruler of Abu Dhabi, popularly known as MBZ, is being seen as one of the highlights of the Vibrant Gujarat Global Summit in Gandhinagar, and is expected to strengthen trade and investment ties following the signing of the Comprehensive Economic Partnership Agreement (CEPA) in February 2022.

In a special gesture, Modi personally received the UAE President at the Ahmedabad airport, and the two leaders travelled in a motorcade to the venue of their meeting. Hundreds of people lined both sides of the route as the roadshow covered several kilometres in Ahmedabad.

The two sides finalised four memorandums of understanding during the meeting between Modi and MBZ, including one between the UAE’s investment ministry and India’s renewable energy ministry on investment cooperation in renewable energy and another between the UAE investment ministry and India’s food processing ministry on investment cooperation to develop food parks.

Another MoU between the UAE’s investment ministry and India’s health ministry will facilitate investment cooperation for innovative healthcare projects, while DP World, a multinational logistics company based in Dubai, and the Gujarat government concluded an MoU on developing green and sustainable ports.

The MoUs on renewable energy and food processing dovetailed into plans framed by the India-Israel-UAE-United States, or I2U2 grouping, to develop projects in these two sectors in Gujarat.

Following the first I2U2 Summit in July 2022, the four members of the economic bloc had said the UAE will invest $2 billion to develop a series of integrated food parks for which India will provide land and facilitate the integration of farmers. The food parks are aimed at tackling food insecurity in South Asia and West Asia.

The I2U2 had also announced plans to create a hybrid renewable energy project in Gujarat with 300MW of wind and solar capacity. It was stated at the time that UAE-based firms are exploring opportunities to become knowledge and investment partners in this project.

This was the fourth meeting between the Indian premier and the UAE President in less than seven months, and they “hailed the rapidly transforming India-UAE partnership and reaffirmed their commitment to a shared and prosperous future”, external affairs ministry spokesperson Randhir Jaiswal said in a post on X.

The Ahmedabad civic body unveiled a special 3km road, developed through a public-private partnership model, for Tuesday’s roadshow. “Welcome to India my brother, HH@MohamedBinZayed. It’s an honour to have you visit us,” Modi said in a post on X.

Earlier in the day, DP World chairman Sultan Ahmed bin Sulayem met Gujarat chief minister Bhupendra Patel and discussed infrastructure projects. DP World is expected to sign three MoUs during the Vibrant Gujarat Global Summit that envisage investments of more than ₹30,000 crore, an official said.

DP World earlier participated in bidding to develop Nargol port in Gujarat, though the project was scrapped due to viability issues.

The AD Ports Group of the UAE is expected to sign another agreement to develop a port city in Gujarat, the people said. UAE-based Lulu Group International has plans to build India’s largest shopping mall in Ahmedabad, and the retail conglomerate is expected to sign an agreement to invest Rs 3,000 crore in Gujarat.

The Indian government has focused on improving ties with key parts in West Asia, which New Delhi perceives as part of the country’s extended neighbourhood and provides nearly 45% of energy supplies. West Asiais also home to some nine million Indians, with a majority of them living in the UAE and Saudi Arabia.

The summit is set to witness the active participation of over 100 countries, with approximately 30 nations joining as partners. Additionally, a dozen international organisations have collaborated with the Gujarat government to support and promote the event as a pivotal platform for fostering collaboration and exploring opportunities across various sectors. This global engagement underscores the summit’s significance in facilitating international.

Modi will be joined for the inaugural session on Wednesday by MBZ, Czech Prime Minister Petr Fiala, Timor-Leste President José Ramos Horta, and Mozambique President Filipe Nyusi. The partner countries for the event include Australia, Bangladesh, Czech Republic, Egypt, Germany, Indonesia, Japan, Malaysia, Morocco, Nepal, Poland, South Korea, Singapore, UAE, and the UK.

The 10th edition of the event, being held from January 10-12, will include conferences on topics such as technology and innovation, sustainable manufacturing, green hydrogen, electric mobility and renewable energy.

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