Gujarat state, which seeks foreign investment in pharmaceutical as well as other traditional industry sectors, is planning to attract foreign investors by organizing an Investment Week during November this year. In order to draw the strategic investments from the multinational and national pharmaceutical companies to the state drug industry, the government would also partner with the Gujarat State Board of Indian Drug Manufacturers Association (IDMA) to project the ideal opportunities and environment within the state.
While speaking to Pharmabiz.com, R J Shah, principal chief industrial advisor, Government of Gujarat, said that the Investment Week is planned during the state festival of Navaratri in November. He informed that according to the current response received so far, at least 100 prospective investors from INRI community and also from the foreign companies including venture capitalists would visit the state.
The total investment expecting through the Investment Week is to the tune of Rs 1500 crore. During the Investment Week, the government would also announce various incentives and promotional schemes to the new investors while setting up their facilities. The incentives like special encouragement programme for backward integration, tax holidays and subsidized land, power etc.
According to sources in the IDMA Gujarat board, it expects 30 to 40 fresh investors keenly looking at the pharma industry environment in the state, to visit them. The industry Association will facilitate few plants visits for the prospective investors and would also show them the business infrastructure what the state offers to entrepreneurs who are interested to invest in the state.
The recent initiatives of the Association to promote state pharmaceutical industry, especially the small scale sector will also be highlighted while the investors' visit during the occasion, the IDMA sources said.