The Hindu Business Line : `SAFTA will boost Bengal economic development'

THOUGH West Bengal has already created an enabling environment for attracting fresh investment in industry following its investor-friendly industrial policy, the South Asian Free Trade Agreement (SAFTA), coming into effect from January 1, will give a major boost to the process of the State's economic development.

Highlighting this here on Friday at the valedictory function of the 19th Industrial India Trade Fair, the State's Commerce and Industry Minister, Mr Nirupam Sen, said that West Bengal has been able to attract investment of about Rs 2,000 crore each year in sectors such as iron and steel, IT and IT-enabled services.

Considerable investments were now expected from Singapore in the infrastructure sector.

This apart, further investments from Japan were also expected. A high-level business delegation from Japan is expected to visit the State next month to identify the new business areas.

Mr Sen asked the local entrepreneurs to invest in the "untapped" areas of business. The State Government, on its part, was actively considering certain pro-active policy measures to rejuvenate the jute and tea industries. Indicating that the State had tremendous scope to produce coal bed methane (CBM), the Minister said, "we want FDI in the mining sector."

The Minister said that the venue of the trade fair would be shifted next year as per the Calcutta High Court's order. A permanent fair ground would be developed within two years' time. The fair is organised every year between December 21 and January 1 by the Bengal National Chamber of Commerce and Industry jointly with the State Government and the India Trade Promotion Organisation (ITPO). Altogether, 11 countries participated in this year's fair.

The Executive Director of ITPO, Mr Rajiv Jadav, said West Bengal was now poised to give competition to those States who are known as the most industrially developed ones in the country.

He said that the ITPO had target to associate itself with a total of 72 fairs in overseas countries and 25 within the country.