Maharashtra Chief Minister Vilasrao Deshmukh touted Maharashtra as India's best foreign investment destination before a 200-odd people consisting mainly of prospective American investors at the prestigious Metropolitan Club in Manhattan on Monday.
Noting that Maharashtra has become India's economic powerhouse due to its competitiveness that surpasses even countries like Russia, Italy and South Africa, Deshmukh told the audience at the Maharashtra Investment Forum that opportunities are waiting for foreign investors to be tapped in the western Indian State.
"The questions for CEOs worldwide today are not whether their companies should go to India, but whether they can afford not to be in India. And, they will obviously ask the real question as to where in India they should invest. The answer is obviously Maharashtra," Deshmukh said as he made a pitch for foreign investment for his state.
He explained why.
"Maharashtra has many inherent strengths, including its strategic location, competitive business clusters, a highly skilled and productive workforce and an investor-friendly government," he said.
The chief minister said he wants to develop the state that has become India's economic powerhouse as Asia's most competitive manufacturing and service hub. "In Mumbai the 'Gateway of India' was built to commemorate the arrival of foreign rulers. Today that same gateway is our own and we use it to welcome you, foreign investors," Deshmukh said.
But he added that it not Mumbai alone that the government wants to develop. "We want a holistic approach to development in our state with all regions in the state witnessing a balanced development as well," he said.
"With Mumbai ranking among the world's top 10 financial centers, Maharashtra should be your investment destination," Deshmukh said urging the prospective investors. The plan to make Mumbai one of the top 5 financial hubs in the world.
"Out inherent strengths are our excellent infrastructure, academic institutions, highly skilled and productive force as well as choice of multiple locations (for foreign investors) and a proactive government," Deshmukh said.
But he said that the state is not satisfied with what it has achieved. "We have set goals for the state to increase its per capita income and to achieve growth rate of 10 per cent and 12 per cent, respectively, in industrial and service sectors by 2010," he said.
"We will also create additional employment for at least 1 million persons in the next three years. Our endeavour is to achieve global standards of infrastructure and services and investment friendly for investors," he said.
Others who addressed the conference included Maharashtra Minister for Industries Ashok Chavan, Maharashtra Chief Secretary Johnny Joseph, and Principal Secretary for Industries V K Jairath.
The industrialists, who addressed the forum, included vice chairman of Bajaj Auto Madhur Bajaj; senior vice-president of Boeing Commercial Airplanes Dinesh Keskar; chairman of Kalyani Group of Industries Baba Kalyani; Mahindra and Mahindra's Arun Nanda; CEO and founder of New Vernon Capital Arshad Zakaria; founder and chairman of The Chatterjee Group Purnendu Chatterjee; CEO of DaimlerChrysler India Wilfred Aulbur; and managing director of Siemens India Limited Juergen Schubert.
The one day-investment forum was organised by Institutional Investors.
"The jewel in the crown in India's economic success story is the state of Maharashtra. The state has become synonymous with IT around the world, but that is only the part of the story. A great deal is going on in that part of the country, providing investment opportunities for foreign and domestic investors, both for portfolio investment and for direct investment in manufacturing and service industries," said Diane E Alfano, managing director of Institutional Investors.
Agreeing that lack of infrastructure was hampering the growth of India, Deshmukh said that the government was undertaking a major effort to resolve the issues by upgrading existing airports and ports and establishing new ones, making heavy investment in power sectors and undertaking road building at a fast pace.
"Our aim is to ensure that our industrial and services sectors attain a growth rate of at least 10 to 12 per cent, respectively, and create employment opportunities for additional 20 million people by 2010," Deshmukh added.
"I cordially invite you all to explore the diverse possibilities offered by our multi faceted State and be an active participant in this development journey," he said.
The fact that major players in automobile, pharmaceutical, biotechnology and IT industries preferred Maharashtra for establishing their units itself proved its attractiveness to investors across the board," he said.
