MoUs of Rs 30 lakh crore signed in Davos expected to generate 40 000 jobs Fadnavis

Mumbai, Jan 22 (PTI) Maharashtra has signed MoUs of Rs 30 lakh crore at the World Economic Forum (WEF) in Davos which can create up to 40,000 jobs in areas ranging from industries, services, agriculture and technology, Chief Minister Devendra Fadnavis said on Thursday.

    Holding a virtual news conference from the Swiss city, Fadnavis said talks are at a preliminary stage for projects worth Rs 7-10 lakh crore, and MoUs are expected to materialise in the next two months.

    He said 83 per cent of MoUs are Direct Foreign Investment. As much as 16 per cent of the investment is in the form of technical partnership in financial institutions, and these are import substitute technologies, Fadnavis said.

    He also said that 83 per cent of the FDI would come from 18 countries including the US, UK, Singapore, Japan, Switzerland, Sweden, the Netherlands, Norway, Italy, Germany, France, Austria, UAE, Spain, Canada, Belgium, and others.

    The realisation rate of these MoUs is 75 per cent. Last year's MoUs have materialised to the extent of 75 per cent, the chief minister said.

    The proposed investments will materialise in three to seven years.

    MoUs were signed with companies like SBGI, Brookfield, Arcelor Mittal, Finman Global, Issar, Skoda Auto, Volkswagen, STT Telemedia, Tata, Adani, Reliance, JBL, Coca-Cola, Bosch, Capital Land and Iron Mountain, the CM said.
     Even Indian groups have investments in 165 countries. Investments have come in areas like quantum computing, AI, GCC, data centers, health, food processing, green steel, urban development, shipbuilding, fintech, logistics and digital infra, he said.


     Konkan and the Mumbai Metropolitan Region (MMR) attracted 22 per cent of investment and Vidarbha 13 per cent, the CM noted.

     North Maharashtra districts like Nashik, Jalgaon, Dhule and Ahilyanagar bagged investment proposals of Rs 50,000 crore. Chhatrapati Sambhajinagar in Marathwada bagged investment of Rs 55,000 crore.

    Konkan, which also includes the MMR, has bagged Rs 3,50,000 crore investment, while the Vidarbha region is expected to receive an investment of Rs 70,000 crore.

    Institutional MoUs have also been signed with Japan International Cooperation Agency (JICA), Japan Bank of International Cooperation (JBIC), University of Berkeley, University of California, Stanford University's Stanford Biodesign, the CM said.

     Maharashtra is building India's First Innovation City near Mumbai with the Tata group, and a detailed planning will happen in the next six to eight months, he said.
    The project was conceived at last year's Davos conference and discussions were held with Tata Sons' N Chandrasekaran, Fadnavis said.

    The Tata group will invest over Rs 1 lakh crore in the project which has also attracted investors from other countries, said the CM.

    The Raigad-Pen Growth Centre was announced at this year's Davos, and it will create another business district, Fadnavis said, adding that it has already attracted investment of Rs 1 lakh crore.
     The CM also said the state government will develop circular economy in Mumbai to solve issues like water and air pollution. Efforts will be made to process all types of waste, he said, adding, "We can show results in Mumbai in the next 2 to 3 years."

    At the WEF, Fadnavis met Zimbabwe's Minister of Foreign Affairs and International Trade, Amon Murwira. He also met Alan Turing Institute's Mission Director Adam Sobey, and discussed transportation with focus on measures to reduce carbon emissions and meet future needs with clean solutions.


    He discussed various aspects of urban development with Arup Group's Chair Hilde Tonne, and mutual cooperation with Indo-Italian Chamber of Commerce & Industry's Alessandro Guccilani, Fadnavis said.

(This story has not been edited by THE WEEK and is auto-generated from PTI)