Business in Bengal | Why Mamata’s foreign visit may not be enough to attract investment
The Hindu
Mamata Banerjee visits Spain, UAE to attract investments for West Bengal. Aims to promote State as industry destination ahead of BGBS in Nov 2023. Despite efforts, little success on ground. MoUs signed for promotion of books, La Liga Academy. 6th BGBS in 2022 saw 137 MOUs, LoIs, EoIs worth ₹3.4 lakh cr. Migration & unemployment remain issues; visit seen as 'political' by experts. Tagline 'Bengal Means Business' to attract investments & stop labour migration.
After a gap of nearly five years, West Bengal Chief Minister Mamata Banerjee has visited a foreign country to attract investments. On a 12-day-long visit to Spain and the United Arab Emirates, Ms. Banerjee is joined by prominent industrialists from West Bengal along with key government officials in an effort to draw business to the State.
The visit is timed a month ahead of the Bengal Global Business Summit (BGBS) scheduled in November 2023, the last business summit in the State before the Lok Sabha polls of 2024. For the past several years Trinamool Congress leadership has been keen to promote West Bengal as an industry destination. However, the efforts have borne little fruits on the ground.
Also Read | Mamata highlights Bengal’s welfare schemes in Spain to draw investment
While addressing a gathering of business leaders at Madrid in Spain, Ms. Banerjee tried to promote West Bengal as an industrial destination by saying that it is a power surplus State and boasts skilled manpower. The Chief Minister emphasised more on the social welfare schemes of the West Bengal Government like ‘Kanyashree’ and ‘Lakshmir Bhandar’ rather than the industrial climate of the State.
While the Chief Minister’s visit saw her playing musical instruments with the busker on the streets of Madrid or going to a jog with the entire entourage has generated a lot of attention across both political circles, there have hardly been any major investment proposals from Spain so far. The key MoU (Memorandum of Understanding) also involves for Publishers & Booksellers Guild (organisers of International Kolkata Book Fair) and the Madrid Book Fair, Spain for the promotion and marketing of books and as well as an MoU to set up a La Liga Academy for Bengal.
In the past 12 years that Ms. Banerjee has been in power, her government has organised six Bengal Global Business Summit (BGBS). The 7th edition of Bengal Global Business Summit is scheduled on November 21-22, in Kolkata. According to the West Bengal Government the last BGBS summit held in 2022, a total of 137 MOUs, Letters of Intent (LoI) and Expressions of Interest (EoI) towards investment proposals of ₹3,42,375 crores were signed which has a potential of generating an employment for over 40 lakh people.
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