Bihar to host two-day trade attach tournament in December, here is all you wish to have to find out about it – Trade Information

In an attempt to attract investments in industries such as food processing, textiles and electric vehicles (EVs) that will generate jobs and stimulate the state’s economy, Bihar is planning a major event in December when it will throw open its arms to both local and global investors. The state will hold the two-day Bihar Business Connect event in Patna on December 11 and 12, following the success of the 2023 edition.

Additionally, it will hold roadshows in other locations beforehand, starting on Monday in Kolkata. “Bihar has a strategic locational advantage. Through Bihar, we can cater to the entire northeast, Nepal, Bangladesh and Bhutan, and connectivity is excellent now in terms of roads and we have now three functional airports in Gaya, Patna and Darbhanga,” said Nitish Mishra, Bihar’s Minister for Industry and Tourism, who would be leading the roadshows.

Furthermore, the meet is expecting participation from key stakeholders from food processing, textile and leather and general manufacturing sectors, representing approximately 100 leading companies, which includes industry giants such as ITC, TT, Birla Group, LUX, Bata, Khadims, Emami to name a few. In addition to corporate leaders, Abhay Kumar Singh, Secretary, the Tourism & Information Technology Department, Government of Bihar; Ravi Prakash, Director, Food Processing, Department of Industries; Rajeev Singh, Director General Indian Chamber of Commerce, will also be present in the meet.

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Memorandums of understanding (MoUs) were signed at the most recent investor gathering in 2023 by 278 firms for a potential investment of Rs 50,500 crore. The Adani group has invested Rs 8,700 crore in the agroindustry, logistics and cement production.

Being a land-locked state, Bihar is giving export subsidies to bear the cost of moving goods to the nearest port, Mishra said. This, together with a very progressive industrial policy, makes the state an ideal investment destination. The minister further added that Bihar Industrial policy of 2016 is one the best in the country as far as investment is concerned. “We also have sector-specific policies like food processing, leather, textile, bio-fuels etc. Bihar has huge potential for textile, food processing, leather, and these are the areas where we are eyeing for investments.” He said the state will host 5-6 investor roadshows in different parts, leading to the big summit in December.

He cited HCL Tech opening its first office in Bihar on July 2 as a testimony to the state’s growing attractiveness. “It’s a big breakthrough as it will have a chain effect and it might encourage other IT companies also because we have a pool of talent. We have plenty of human resources as IT professionals. So, Bihar would become a destination for IT sector investment.” 

A statement on the roadshows issued by his department stated that the state government has transformed the industrial landscape over the past few years and emerged as one of the biggest consumer markets. The Investors’ Meet in Kolkata on July 1 will give investors an opportunity to have direct conversations with Mishra and the Additional Chief Secretary Sandeep Poundrik.

The Government of Bihar has adopted a targeted approach, focusing on pivotal sectors for attracting investment such as textiles and leather, food processing, IT & ITeS, ESDM, EV and general manufacturing. “The state is offering plug-and-play infrastructure in the form of ready-to-move industrial sheds. Industry-specific Industrial parks are being developed such as a textile cluster, leather park and bag cluster in Muzaffarpur, upcoming Mega Food Park in Motipur, and Tannery cluster in Kishanganj to name a few,” the statement said.

“Infrastructural support to IT & ITeS companies through B-Hub, STPIs and IT parks in Patliputra Industrial Area will prove to be a strong advantage for IT & ITeS units in the state. This approach is aimed to align Bihar’s industrial strengths with the requirements of these industries, creating a conducive environment for mutually beneficial partnerships,” the statement added. 

(with inputs from PTI)