70 per cent of MoUs signed at Vibrant Gujarat Global Summit: Chief Secretary

The Vibrant Gujarat Global Summit (VGGS) has had the state government signing MoUs with 20 companies worth Rs 25,000 crore, says Gujarat Chief Secretary Pankaj Kumar. Prime Minister Narendra Modi will inaugurate the three-day VGGS on January 10 at Gandhinagar. The Summit is set to attract investment in Gujarat across sectors.

Kumar told PTI that about 70% of the memorandum of understands signed with companies at the Summit get fructified over a period of time. “The focus area of VGGS 2022 would be key national initiatives and topics of global relevance that includes sustainable infrastructure and manufacturing, national hydrogen mission, renewable energy, electric mobility and futuristic technologies,” he said. “Just in the last week itself, we have signed MoUs with 20 companies worth around Rs 25,000. This is the first set of MoUs that we have signed. And on every Monday, till VGGS 2022 on January 10, we will have MoUs signed.”

The Gujarat Chief Secretary pointed out that the prominent sectors from where companies would be participating in VGGS 2022 would be renewable energy, chemicals, food processing and financial services.

“I can tell you around 70% of the MoUs that are signed during VGGS get fructified. And that is a good success rate. It depends on the type of project. Some projects have very long gestation period. It may take many years,” Kumar explained. “One has to see over a period of time. So this 70% is generally the realization that we achieve. This 70% realization has been the experience when MoUs of that last few VGGS were analyzed.”

A total of 28,360 MoUs were signed during the last VGGS in 2019, while 25,578 MoUs were signed during VGGS 2017. The 10^th edition of the VGGS would have the theme of “Atmanirbhar Gujarat to Atmanirbhar Bharat (Self-reliant Gujarat to Self-reliant India).

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Kumar added that a lot of companies from countries like the USA, France, the UK, Germany, Sweden, the Netherlands, Switzerland, Italy, Saudi Arabia, the UAE, and Qatar will be participating in the VGGS 2022.