Odisha CM Naveen Patnaik Receives Investment Intents Of Rs 25,000 Cores In Japan

The investment includes sectors such as logistics, metal ancillary, steel, metal downstream, green hydrogen and green ammonia, green energy equipment manufacturing, and IT/ITeS

The Odisha government on Wednesday announced that it has received investment intents worth over Rs 25,000 cores ($3.04 billion) in the Odisha Business Meet 2023 in Tokyo. The investment includes sectors such as logistics, metal ancillary, steel, metal downstream, green hydrogen and green ammonia, green energy equipment manufacturing, and IT/ITeS. 

The Odisha government in association with the Indian Embassy in Japan, the Japan External Trade Organization (JETRO), and the Federation of Indian Chamber of Commerce and Industry (FICCI), hosted the Odisha Business Meet Tokyo 2023 on April 5, 2023.

Chief Minister Naveen Patnaik, JETRO VP Kazuya Nakajo, and senior state government officials government of Odisha along with 200 delegates, representing various industries from across Japan attended the event. The state government on Tuesday had announced that Japan-based Nippon Steel along with ArcelorMittal will set up a facility to produce 30 MT of speciality metal in the state. Patnaik met Nippon Steel president Eiji Hashimoto in Tokyo earlier in the day.

“CM@Naveen_Odisha met Eiji Hashimoto, President of Nippon Steel during #OdishaInvestorsMeet in Tokyo and discussed about company’s plan to build one of the world’s largest steel plants in #Odisha along with @ArcelorMittal. The 30 MT plant will produce speciality steel," the Chief Minister's Office wrote on Twitter.

"Huge boost to socio-economic development of Kendrapara, Jagatsinghpur, Bhadrak, Jajpur and Keonjhar districts and generate thousands of jobs for youths of Odisha", the CMO said.

The Odisha CMO in a press release on Wednesday said that Naveen Patnaik met several senior industrialists across sectors for one-to-one meetings to discuss their plans for investments in India and presented the case for Odisha being the best investment destination for them.

"Odisha is well set to become the Steel Hub of the World. There is an increasing focus on developing Steel Service Centres along with the mega integrated steel plants coming up in the state. There is also an increasing focus on New Age Steel and the Government of Odisha ensures best-in-class facilitation and support to investors across the world," CMO said. 

Addressing the event, Naveen Patnaik said, "Odisha is one of the fastest growing economies in India and has consistently grown above the national average in the last decade and a half. We are fast emerging as a major industrial destination in India because of our natural resource advantage and strategic location. Odisha’s abundant natural resources, skilled and productive human resources, progressive policies and strong result-oriented governance provide a unique ecosystem."

Patnaik highlighted how Odisha is becoming the fulcrum of trade and commerce in the Bay of Bengal region and the measures the Government of Odisha has undertaken to help industries looking to cater to the untapped markets in Eastern and North-Eastern India as well as markets in ASEAN and East Asia region.

Speaking about industrialisation in this era of technological innovations, the Odisha CM said, "As we enter into a new era of industrialisation propelled by advancements in technology and a philosophy of sustainability, we require a collaborative effort between the governments, industries and people to ensure consistent growth.”