Focus on Textiles & Apparel sector: Odisha attracts investment intent worth Rs 11,500 crore at business meet in Bengaluru

Bengaluru: The state government hosted an investment promotion road show, the Odisha Investors’ Meet, in Bengaluru on May 17 with a special focus on the textiles, apparel and technical textiles sectors.

Chief Secretary Pradeep Kumar Jena, Industries Department Principal Secretary Hemant Sharma, Handloom, Textiles & Handicrafts Department Principal Secretary Arabinda Kumar Padhee, Handloom, Textiles & Handicraft Department Director Shovan Krishna Sahu and senior officials from the Industries department and IPICOL were present in the meeting, which was attended by over 100 delegates from various textile industries.

Odisha was able to garner investment intents of nearly Rs 11,500 crore with an employment potential of over 31,500, said an official.

Sharma made a presentation about the industrial ecosystem in Odisha and emphasized the industry readiness of the state. He highlighted Odisha’s political stability, position in the Ease of Doing Business ranking, competitive cost of doing business, impact of investment facilitation, best-in-class incentives and highly skilled human resources to attract investment to the textiles and apparel sector in the state.

He also talked about the various industrial parks and regions developed by the state government to provide best-in-class facilitation to investors across sectors. Sharma claimed that the markets in Eastern and North-Eastern India are growing faster than other parts of the country and Odisha provides industries with the best facilities to set up units to cater to these markets.

“Odisha under the leadership of Chief Minister Naveen Patnaik is becoming the industrial hub of the East and a gateway to the East and South East Asian markets,” Sharma said.

Padhee spoke about the emerging textile and technical textile ecosystem in Odisha. He talked about the growth-focused and future-oriented Apparel and Textile Policy-2022 of Odisha to further strengthen the apparel and textile sector and attract new investments to the state.

Padhee enlightened the audience about the technical textile and textiles parks in Odisha which offer industry-ready infrastructure to investors planning to invest in the state. He also highlighted the various major players in the textiles and apparel sectors that have set up their units and their success stories.

Representatives from Shahi Exports and ABFRL shared their experience of investing and operating in Odisha. They highlighted the industrial infrastructure, single-window system and the support they have received from the state government. They said that they are excited to establish their presence in Odisha and contribute to the state’s economic growth and build long-lasting partnerships with local communities.

Rahul Jindal, Head Operations (Odisha), ABFRL informed the gathering that their plant in Odisha has now become even more cost effective than the apparel units in Bangladesh.

Addressing the august gathering, the Chief Secretary said, “Odisha is one of the fastest growing economies in India and has consistently grown above the national average in the last decade and a half. We are fast emerging as a major industrial destination in India because of the abundance of natural resources and strategic location which can cater to the ASEAN region. Odisha’s skilled and productive human resources, progressive policies, and strong result-oriented governance provide a unique ecosystem to their investors to set up their industrial units in the State. Today, Odisha is ranked among the top states in India in terms of live manufacturing investments and has been accorded the achievers status in the ease of doing business ratings by the Centre. Under Chief Minister Naveen Patnaik, the state government has taken a holistic approach towards service delivery to citizens and businesses. We are today becoming a destination of choice for investors across the country. I would like to welcome all the Industry captains, associations and their members present here to come and explore Odisha as your next investment destination.”

Kalyan C Mohanty, Executive Director, IPICOL concluded the session by extending his regards towards all the investors for attending the Investors’ Meet. He urged the investors to look at Odisha as their next investment destination.

On the sidelines of the roadshow, the Odisha delegation led by the Chief Secretary met several senior investors from the textile and apparel, technical textiles and wearable sectors as well as from the metal and metal downstream, agriculture equipment manufacturing, logistics, green energy and green hydrogen sectors. The meetings focused on the key offerings from the state government and the various emerging opportunities in Odisha for investors across sectors.

The senior delegation from Odisha led by the Chief Secretary held one-on-one B2G meetings with 22 investors from various sectors on May 17. The delegation hosted 24 industries, primarily from the textiles and apparel sector on May 18.

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