April 26, 2024

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[THE INVESTOR] The central Indian state of Chhattisgarh is making all-out efforts to attract Korean investors touting itself as the gateway to one of the world’s fastest growing economies.

“My state is an incredible launch pad for Korean companies to operate in India,” said Raman Singh, chief minister of Chhattisgarh, during an interview with The Investor.

Singh was in Seoul to attend a roadshow to attract investors on May 30. 

(From right) Chhattisgarh Chief Minister Raman Singh, Chief Secretary Vivek Dhand and Indian Ambassador to Korea Vikram Doraiswami attend Chhattisgarh Investors Seminar held at International Conference Hall at KOTRA in Seoul, May 30.                                                                                                                               Indian Chamber of Commerce in Korea

“We have identified our focus sectors wherein we are looking for new investments, technology and skills set to tap our growth potential in these sectors.”

While Chhattisgarh is strong in areas like steel, cement, power and aluminum, it is in need of investments in the so-called sunrise sectors -- electronics, engineering, information technology, manufacturing and logistics.

For its part, the state can offer business-friendly policies and a strategic location. For these traits, Chhattisgarh ranked fourth among 29 states in the country in ease of doing business in a joint assessment by World Bank and Government of India in 2016.

“The state government has dedicated itself to industrial policies offering special fiscal incentives like stamp duty exemption, interest and capital subsidies as well as exemptions from electricity dues,” the chief minister said.

Further, the state government is ready to offer tailor-made proposition for big-ticket investments.

Chhattisgarh, as big as Greece by are size, shares borders with seven states. This enables access to 520 million population. It also boasts the largest production of coal and dolomite in India.

“Korean companies may look at Chhattisgarh for iron and steel production as the Indian government has recently launched its steel policy which aims to double output by 2030,” he said.

Carved out of the larger Madhya Pradesh state in 2000, Chhattisgarh is focusing on building enabling infrastructure for business, strengthening railway network, and airports. Sector specific industrial clusters are being developed to nurture business and make its citizen experience high living standards.

The state is working on the development of Naya Raipur as the country’s first greenfield smart city, with a total area of 237 square kilometers. The first phase of the road network in the city has been competed.

“The city will be a hotbed for investment and provide plug-and-play infrastructure for high-end industries who want to leverage the core advantages for business in Chhattisgarh,” he said.

To create more transparent business and regulatory environment, the state has undertaken “unprecedented reforms.”

“Chhattisgarh under its ease of doing business initiative has streamlined most of the processes for businesses by reducing number of compliances, making them transparent through an online system and third party involvement while making the government responsible through deemed approval,” he said.

By Park Han-na (hnpark@heraldcorp.com)