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Rediff.com  » Business » Haryana to get Rs 2,200 cr FDI

Haryana to get Rs 2,200 cr FDI

December 06, 2005 19:42 IST
Claiming as very successful his recent two nation tour Haryana Chief Minister Bhupinder Singh Hooda on Monday said that he has succeeded in generating a firm foreign direct investment of Rs 2200 crore (Rs 22 billion) from companies in Korea and Japan during the eight-day visit.

Out of this total investment, Suzuki's diesel engine project would involve Rs 650 crore (Rs 6.5 billion), Suzuki vendors would invest Rs 1000 crore (Rs 10 billion) for automobiles and YKK would expand its unit in Haryana with a massive investment of Rs 250 crore (Rs 2.5 billion).

He said that Samsung Electronics would invest Rs 65 crore (Rs 650 million), Standard Diagnostics plans to invest Rs 125 crore (Rs 1.25 billion) and New Technology Network would invest Rs 110 crore (Rs 1.1 billion) in Haryana.

Describing his first foreign visit, after assuming the office of Chief Minister, as "highly fruitful", the Chief Minister said that the prime objective of the visit was to market Haryana as an ideal destination for investment with some of the high profile Korean and Japanese companies.

He said, "Our visit has proved a step forward in creating more congenial atmosphere for investment in the state by foreign investors and entrepreneurs and our Government would pursue early setting up of these proposed ventures".

Giving details of his visit, he said that the delegation reached Seoul, the Korean capital, on November 27 and he held a meeting with Minister of Foreign Affairs and Trade Ban Ki Moon.

Incidentally, Hooda said, he was the first Chief Minister of an Indian state to be invited by the Ministry of Foreign Affairs of Republic of Korea.

During this meeting, the Korean Minister informed that a number of companies from his country were keen to invest in India and Haryana in particular.

Hooda said that accompanied by the members of his delegation, he also met  vice minister, ministry of commerce, industry and energy Hawan Eik Cho, who suggested that Haryana should open a 'Korean Desk' for meeting the inquiries and assisting in seeking various clearances required by the investing Korean companies.

While accepting the suggestion of opening a 'Korean Desk', Hooda assured that his government would also help in facilitating any clearance at the level of government of India, in case any Korean company chose Haryana as an investment destination.

Hooda said that the Korean companies were invited to participate in the development of special economic zones, industrial model townships, power sector and transport in Haryana.

He said that the delegation visited the factory of Samsung Electronics Ltd. and its Research and Development Centre. The Korean major confirmed the setting up of a mobile phone production unit at IMT Manesar in Haryana with an investment of US $15 million.

The company would manufacture latest models of their handsets in this unit for exports as well as domestic sale, Hooda said adding that the land for the project has already been taken by the company on lease and the unit would go on stream by the end of next year.

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