Reforms Enhanced Economy’s Capacity, Capability And Competitiveness: PM At Vibrant Gujarat

The prime minister said the Summit has showcased new ideas and created new gateways for investments and returns. “India is moving forward in the role of a ‘Vishwa Mitra’ in a fast-changing world. Today, India has given the world confidence in achieving common collective goals,” he said.

“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 ... and a democracy that delivers.”

He also pointed to strides in creation of green and alternative sources of energy: three times increase in renewable energy capacity and 20 times capacity in solar energy. He said there are new possibilities for investors across India and the Summit is “a gateway for this, a gateway to the future”.

Praising UAE President Mohammed bin Zayed Al Nahyan, the prime minister said his presence as the chief guest at the Summit signifies the deepening ties between India and the UAE. He highlighted the India-UAE partnership in the renewable energy sector, innovative healthcare, and investments in India’s port infrastructure. He also mentioned that the UAE Sovereign Wealth Fund will soon start operations in GIFT City and aircraft and ship leasing activities by trans-world companies.

Others attending the Summit included ministers and diplomats from Japan, Saudi Arabia, the UK, Armenia, Morocco, Nepal, Vietnam.

Besides the UAE President, Prime Minister of the Czech Republic Petr Fiala, Mozambique President Filipe Nyusi and Timor Leste President José Ramos-Horta also addressed the Summit.

Gujarat In Focus

Later, addressing a press conference,Foreign Secretary Vinay Kwatra said after the bilateral meeting between the UAE President and Prime Minister Modi, four MoUs were signed. These MoUs cover sectors likehealthcare and renewable energy, besides food park development and logistics cooperation.

Some of these investment proposals were first discussed under the I2U2 (India, Israel, the US and the UAE) framework.

Addressing the Summit, ArcelorMittal Chairman Lakshmi Mittal underlined the importance of steel in making a nation self-dependent. He recalled the foundation stone laying of ArcelorMittal Nippon Steel India Hazira Expansion Project in 2021 and asserted the first phase of the project will be completed on time in 2026. He also touched upon investing in green sectors such as renewable energy and green hydrogen.

Suzuki Motor Corporation President Toshihiro Suzuki spoke of the Japanese carmaker’s plans to roll out its first EV produced in India and also plans to export it to European countries and back to Japan. He mentioned the company’s plan to contribute to reducing greenhouse emissions through ethanol, green hydrogen and the production of biogas from cow dung.

Billionaire entrepreneur Mukesh Ambani said Reliance Industries has invested over US$ 150 billion across India in creating world class assets in the last 10 years. Of this, more than one third has been invested in Gujarat, he added.

Ambani made five pledges to Gujarat. He said Reliance will continue to play a leading role in Gujarat’s growth story with significant investments in the next 10 years.

Reliance’s plans include Dhirubhai Energy Giga Complex, spread over 5,000 acres, in Jamnagar; roll out of 5G in more areas; Reliance Retail will expand its footprint in the state; Reliance will make Gujarat a pioneer in new materials and circular economy and in a bid to bid for the 2036 Olympics. Reliance and Reliance Foundation will join forces with other partners to improve the sporting, education and skills infrastructure in Gujarat.

Sanjay Mehrotra, CEO of semiconductor giant Micron Technology, thanked the state and central government for their support in helping establish a world-class assembly and testing facility in Gujarat as he mentioned the infrastructure partnership with Tata Projects for the project.

Gautam Adani, Chairman of Adani Group, announced an investment of Rs 55,000 crore in the state by 2025 and plans to invest over Rs 2 lakh crore in the next 5 years in Gujarat, thereby creating over 1 lakh direct and indirect jobs.

Adani also talked about creating a green supply chain and the largest integrated renewable energy ecosystem including solar panels, wind turbines, hydro electrolyzers, green ammonia, PVC and expansion in copper and cement projects.

Jeffrey Chun, CEO of South Korean semiconductor critical parts maker Simmtech, expressed excitement for their India project as a co-location investment following their major customer Micron’s project in Gujarat. He informed that they are preparing another round of co-location investment in India.

N Chandrasekaran, Chairman, Tata Sons Limited, said the origin of Tata Group was in Gujarat as the founder Jamshedji Tata was born in Navsari. Today 21 Tata Group companies have a strong presence in the state, he added.

He also elaborated on the expansion plans of the group in the state in the areas of EV vehicles, battery production, C295 defence aircraft and semiconductor fab, and advance manufacturing skill building.

Throwing light on the bilateral economic ties between India and UAE, Chairman of global logistics management and services firm DP World, Sultan Ahmed bin Sulayem, pointed out that the desert nation had emerged as one of the biggest overseas investors in Gujarat with investment of more than US$ 2.4 billion since 2017.

He informed about DP World’s plan to invest and develop state-of-the-art container terminals at Kandla, Gujarat with a capacity of 2 million containers.

Shankar Trivedi, Sr VP, Nvidia, noted the growing importance of generative AI and recalled that PM Modi had invited Jensen Huang, the CEO of Nvidia, to deliver a lecture to ministers and officials of the Indian government. “It was the first time that a global leader actually talked about AI,” he said.

Nikhil Kamat, Founder and CEO of Zerodha, remarked that the last 10 years have been incredible as he hailed the country’s startup ecosystem and the rise of small entrepreneurs and ecommerce which was not the case 10 years ago.

He credited the prime minister for facilitating a stable ecosystem allowing startups to thrive.