The Bihar Business Connect Global Summit 2023 has concluded successfully, marking a significant milestone in the state’s economic development. During the event, 300 companies signed Memorandums of Understanding (MOUs) for investments totaling 50,530 crore rupees, highlighting Bihar‘s growing appeal as a key business destination. This summit took place at Gyan Bhavan in Patna on 13-14 December 2023. The Companies that declared major investments at the summit include the Adani Group of Rs 8,700 crore, Bharat Petroleum Corporation Ltd of Rs 7,386 crore, Patel Agro Industries of Ltd Rs 5,230 crore, Hotel Lok International of Rs 2,200 crore, Indo-European Heart Hospital of Rs 2,200 crore, Dev India Project of Rs 1,600 crore, Star Cement of Rs 1,000 crore, Laxmi Cement of Rs 1,000 crore, Ultra Cement of Rs 1,000 crore, Spray Engineering of Rs 800 crore and many more.
On the opening day of the summit, the primary session focused on the textile and leather sectors, witnessing the signing of Memorandums of Understanding (MoUs) with eight prominent firms for investments totaling ₹554.40 crore. Key investments include ₹274 crore by Savi Leathers, ₹100.50 crore by Komal Texfab, ₹94 crore by Maa Prabhawati Textile Mills, ₹52 crore by Cosmus Lifestyle Private Limited, and ₹15 crore by Bharti Exim Private Limited.
On the second day of the summit, Chief Minister Nitish Kumar inaugurated a coffee table book of the industry department. He honored investing entrepreneurs and assured them of the Bihar government’s support and facilities. Industry Minister Sameer Kumar Mahaseth outlined three key factors for the state’s development: an agreement on water management with Nepal, special state status, and inclusion in the Special Economic Zone.
“For this, we have revised our industrial policy to make land available in 7-10 days. The government is committed to creating job avenues and we are ready to extend all possible help for business ventures,” said Samir Kumar Mahaseth, Industry Minister, Bihar. Reflecting on the demand to create Special Economic Zones (SEZs) in the state by the Centre, Mr Mahaseth also proposes, “With new policies, Bihar has changed. Join the new Bihar and enrich it. If industries grow in the state, the country will progress too. I once again request the Centre to create at least four SEZs in the state that will pave the way for fresh investment opportunities.”
Bihar, with 53% of its population under 35 years of age, is open to investors and known for its hospitality. The state has made progress in electricity, water, and roads, making it an ideal investment destination. The government, with support from 12 state departments, has 3,000 acres of land available for industry, and efforts are underway to create a land bank of another 3,000 acres. Vijay Kumar Choudhary and Sanjay Kumar Jha, ministers of finance and information, respectively, were present at the event. Additional Chief Secretary of the Industry Department, Sandeep Poundrik, highlighted the state’s economic and industrial development, emphasizing the ease of setting up industries in Bihar.
Kamal Oswal from Nahar Group of Industries shared during the event, “Our group is set to establish a logistics park in Patna. The production of Monte Carlo brand items will commence in Bihar soon… Our company has operations in Punjab and Rajasthan, employing around 25,000 people, with approximately 40 per cent hailing from Bihar.” Vijay Jha, Director of Savi Leathers, mentioned the firm’s export reach to 12 countries and committed to opening a factory in Pandaul, Madhubani, Bihar, by September 17 next year, despite delays in land allocation.
Ramesh Agarwal, MD of Rupa Company, highlighted the immense popularity of his company’s products in Bihar. Bui Trung Thuong, the trade counsellor of the Vietnamese embassy, emphasized the spiritual connection between Vietnam and Bihar, given Bodh Gaya’s significance as the land of Lord Buddha’s enlightenment. He expressed Vietnam’s interest in exploring investment opportunities in Bihar, especially in the textile sector. Earlier in the day, Sandeep Poundrik, additional chief secretary (industries), praised the bag manufacturing cluster in Muzaffarpur for its substantial contribution to the state’s industrial development. He noted the extensive use of around 1,200 industrial machines in Muzaffarpur for textile and leather production, emphasizing Bihar’s commendable performance in the field of Micro, Small, and Medium Enterprises (MSMEs).
Pranav Adani, Director of Adani Enterprises announced plans to increase the group’s investment in the state from Rs 850 crore to over Rs 8,000 crore. Kamal Oswal, Chairman-cum-Managing Director of Nahar Group of Industries, mentioned the construction of a logistics park in Bihar for Rs 300 crore. Representatives from various companies, including Bharat Petroleum Corporation Limited, Adani Group, Holtec International, Patel Agri Industries Private Limited, Dave India Project, Indo-European Heart Hospitals and Research Institute Private Limited, and IT company CTRL, were present at the summit. The summit is expected to contribute to the global industrial landscape of Bihar, with hopes for a repeat event in 2024.
