The Hindu Business Line : ‘Good investment climate in Bengal’

Kolkata, Dec. 5 The British industry is “positively impressed” about the investment climate in West Bengal, according to Mr Richard Stagg, the new British High Commissioner to India, who is on his first visit to West Bengal “more to learn and less to preach”.

In course of his maiden visit to the city, Mr Stagg met the West Bengal Governor, Mr Gopal Krishna Gandhi, Speaker of the State Assembly, Mr Hashim Abdul Halim, and the West Bengal Chief Minister, Mr Buddhadeb Bhattacharjee.

During his meeting with Mr Bhattacharjee, Mr Stagg discussed a wide range of subjects, including political, business, cultural and development issues.

‘Fact-finding’ visit

Later, speaking to newspersons, Mr Stagg said that, while West Bengal or Kolkata did not have the profile of a Bangalore or Hyderabad as an investment destination, a changed perception in this regard was not a very difficult thing to achieve. He said that though he was on his first “fact-finding” visit to the State, he was convinced that the Chief Minister’s “personal goal” was to create an environment that would attract investment both from other parts of India and abroad. While West Bengal was earlier perceived to be “cautious” about FDI, the State’s current positioning in this regard was required to be appropriately communicated to the investment community globally.

He added that he was convinced that the State Government was committed to an environment that was conducive to private sector investment. He said he believed that no private investor would encounter an environment such that he would feel that it was not conducive to investing “his scarce capital in the State”.

Mr Stagg said that a large number of British companies that were already present in the State were expanding their operations. These included HSBC and Standard Chartered Bank. HSBC has set up its service centre in Salt Lake employing around 5,000 people. Others include Foster Wheeler, Vesivius and Siemens VIA, UK, who were serving the Indian steel industry.

On the support of the Department for International Development 0for public sector reforms in the State, it was stated that the first phase of such reforms had been a success and the package for the second phase was complete. This would be put up for the approval of the relevant authorities soon.

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