The Hindu Business Line : Bengal open to FDI in greenfield projects, says Buddhadeb

THE West Bengal Government has mounted special efforts to attract FDI in greenfield projects in the State, particularly encouraged by the investments so far from the Japanese corporates.

Clarifying the Government's stand vis-à-vis investments from overseas, Mr Buddhadeb Bhattacharjee, Chief Minister, said here today that his Government had "no reservations with regard to FDI in greenfield projects in the State".

In fact, it is eagerly sought in areas such as IT and agro industries, identified as the two major areas of development by the State Government.

Describing profit-making Central PSUs as the backbone of the Indian economy, the Chief Minister said: "we are in fact opposed to disinvestment of Government equity in these strong PSUs, described as the `Navaratnas'.

He said efforts are being taken up to restructure the 56 sick State undertakings. We are trying to revive the State-run units, he added.

Sounding upbeat on the prospects for development of IT infrastructure and training institutes in the State, Mr Bhattacharjee said IBM, Cognizant, Wipro, Satyam, ITC and Reliance have shown strong interest, attracted by the high quality HR professionals now available. Our problem now is allotment of suitable land, he clarified.

Citing agro-products and other core areas like iron and steel, where Bengal; once held sway, he said a greenfield project by Jindal Steel was likely, as preliminary talks have already been held.

Listing the high potential of areas such as petrochemicals, chemicals and plastics, especially considering the steady Haldia Petrochem downstream products, the Chief Minister urged investors to come forward with investments in plastics to turn Bengal into a major hub of plastics units, given the huge markets of North Bengal.

Admitting that tea and jute, two of the traditional industries of the State, have now fallen on bad times, he said based on the recent recommendations of a committee of the State commerce and industries department, the Government was trying to work out something.

The tea industry, he felt, must take certain decisions connected with labour, and this has to be done jointly by employers, plantations and unions.

In the context of jute, he urged the 57-odd jute mills of the State to modernise and go for diversified products for better marketability, as bags alone will not suffice in the changing buying patterns.

On the problems being faced by the Bengal National Chamber of Commerce and Industry (BNCCI) with regard to holding of the 18th Industrial India Trade Fair, the Chief Minister gave an assurance that all obstacles would be removed, and that the fair would be allowed to be held.

Earlier, in his welcome speech, the out-going president of BNCCI, Mr S.K. Chakraborty, said while the labour situation in the State has improved to an extent, "we do feel that the work culture in all sectors needs further improvement".

He said it was also important to inculcate a sense of responsibility and accountability at the work place.

More Stories on : Foreign Direct Investment | Other States

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page