Maharashtra on Tuesday took part on the second day at the Annual Meeting of the World Economic Forum, 2022 at Davos Switzerland and signed 23 MoUs with companies. In the 10th edition of its Magnetic Maharashtra 2.0 program, over 55% investments are foreign direct investments from countries including Singapore, Indonesia, USA, and Japan.
The investments include diverse sectors such as pharmaceuticals and medical device, IT, data centres, textiles, food processing, packaging, paper and pulp, steel, etc. A total of $ 4 billion ( ₹30,379 crores) in investments were signed at the MoU ceremony held in the Maharashtra Pavilion at Davos.
These investments will potentially generate more than 66,000 jobs. The Magnetic Maharashtra 2.0 program was conceptualized under the Chief Minister, Uddhav Thackeray for strengthening the resilience of the state’s economy.
While on the second day, a total of 10 editions of these programs have been organized, with 121 MoUs as of today, bringing the total investment in the state to ₹2.2 lac crore ($ 29 Billion) with a potential to generate almost 400,000 jobs.
In the previous 9 editions, in last 2 years, 98 MoUs were signed which are now at various stages of implementation Additionally, in last two years from October 2019 to December 2021 Maharashtra received 26% of total FDI, which was the highest in India.
Meanwhile, Minister of Environment and Climate Change, Aaditya Thackeray, Minister of Industries Subhash Desai and Minister of Energy, Dr. Nitin Raut, ACS to Chief Minister Ashish Kumar Singh, ACS Industries Baldev Singh, MD of MSEDCL, Vijay Singhal, CEO of MIDC Dr P. Anbalagan and Jt CEO MIDC, PD Malikner were also part of the ceremony along with industry representatives from the signing companies.
Here are the key highlights of 10th edition of Magnetic Maharashtra 2.0:
- Major textile players such as Indorama Corporation and Indocount Industries Ltd are investing in Maharashtra’s textile hubs of Nagpur and Kolhapur respectively.
- Microsoft is investing to establish Data Centres in Pune with an investment amount to the tune of ₹3200 crores.
- Sinarmas Pulp and Paper Pvt. Ltd., an entity of Asia Pulp and Paper (APP), a leading pulp and paper company from Indonesia is investing ₹10,500 crores for paper and pulp manufacturing in Raigad.
- Food and Agro processing will also receive a major thrust as Havmor Ice Creams Pvt Ltd is setting up an ice cream manufacturing unit in Pune.
- Sonai eatable and Goyal Proteins is into oil extraction.
- Gramsci Business Hub pvt ltd will be investing ₹5000 crore in the IT sector, giving a boost to Maharashtra’s IT ecosystem