Come January, Gujarat will yet again set the ball rolling for the investors from across the globe to come and invest in the state through its Vibrant Gujarat (VG) initiative, which is successfully running in its seventh year since its inception. Prime Minister Narendra Modi himself will be inaugurating the seventh edition of the Vibrant Gujarat Global Summit, an event he conceptualised as the chief minister to attract global investors to the state.
The Gujarat government under the chief ministership of Anandi Patel has already started aggressive marketing of the forth coming humdinger which is going to be flagged off in Gujarat from January 11 to13, 2015.The Vibrant Gujarat Global Investors’ Summit,which is a biennial event aimed at bringing together business leaders, investors, corporations, thought leaders, policy and opinion makers from almost 18 sectors together under one roof, is touted as an event which has repeatedly proved its potential for providing opportunities galore.
It has not only helped Gujarat to make a mark in the global landscape, but has also bought investment opportunities worth crores from varied sectors to the country. The sixth edition of the summit provided enormous opportunities to the state to display its strengths, progressive stand, initiatives taken to improve governance and investor friendly culture of Gujarat. Six summits held so far have been enormously successful that has immensely contributed to the transformation of Gujarat into a global business hub.
“There is a huge expectation from the summit not only from within the country but from overseas investors as well. This is mainly because the summit has shown an exceptional track record of delivering best service to all those who have been part of the event, which is an example of a visionary approach of the Government of Gujarat towards inclusive and sustainable development,” stressed Dr Hemant Koshia , commissioner, Gujarat Food and Drug Control Administration (FDCA).
What attracts pharma cos to the event
All said and done, VB has played a vital role in getting due attention to Gujarat as a pharma hub. Vibrant Gujarat which started as the investors' summit has now evolved into an ideal platform for knowledge sharing, social and business transformation, which has put India on the global map as an ideal destination for future investment.
In fact it has already bought global leaders like Teva, Abbott and the likes to Gujarat to set up their manufacturing units. Industry sources applauded the government’s globalization model and said that it is an ideal way to push Gujarat’s pharmaceutical industry further. With a view to give a push to this global summit and generate interest among stakeholders, the CM has already set the ball rolling by meeting foreign investors, ambassadors of different countries and industry leaders.
Dr Koshia pointed out that there are lots of area that can be further explored to attract investment in the healthcare sector.
There is a general consensus among experts that there is a huge untapped potential in the research and development area. Many point out to fact that there is a huge scope for investment in contract research organisation (CRO), clinical research, genetic engineering and setting of R&D centres and creating centre of excellence (CoEs).
A highly placed source point out that the government should also focus on marketing the core industry as well which consist of retail stores and pharmacy chains, as this remains to be untapped area with huge scope for investment in the future. Industry members expressed hope that VB 2015 will also be able to generate huge interest among overseas investors, especially in niche segments providing them with more opportunity for unrestrained growth in the coming years.
Global show stopper
Apart from that the quick and single window services of the administrative machinery, the friendly industrial policies of Gujarat act as the primary factor for attracting entrepreneurs from India as well as abroad to the state. The large pool of established pharma industries, medical device companies, CROs, educational institutes and institutions like PERD centre, Niper Ahmedabad, management institutes like IIMA, training institutes like SPIPA Gandhi Labour Institute which help in addressing manpower issue also help in attracting investors.
Even regulatory wise, Gujarat has a very sound and highly advanced drug regulatory system that gives the confidence and support for the overseas investors to come to the state. The ADC facility at Ahmedabad airport and infrastructure at ICDs in various parts of the state are great boosters to export-import business and for safe and quick cargo movement as well informed Dr Koshia.
“Gujarat is second to none when it comes to making pragmatic and industry friendly policies. This is a proven and well known fact across the globe now. Overall entrepreneur mindset and work culture are also positive influences attracting pharma and other sectors like biotech to the state. Of course, our administration's role in facilitating the pharma licensing and required clearances with a positive and supportive approach is also considered strong aspects,” he added.
In a recent move aimed at attracting investors from Gulf region and promote the VG 2015, a delegation led by B B Swain, vice chairman and managing director of the Gujarat Industrial Development Corporation (GIDC) recently had a three-day visit to Qatar recently. Through this meet they aim to attract Qatari businessmen and investors, as also important state owned business and investment entities in Qatar to Gujarat. A highly placed source from the Gujarat health ministry informed that besides disseminating salient information related to investment opportunities in Gujarat, the delegation also discussed ways to forge new collaboration in key sectors, especially oil and gas, petrochemicals, infrastructure and construction, cement, chemicals and fertilisers, textiles, gems and jewellery and food processing.
Vibrant Gujarat Ayurveda World Expo 2015
Providing global platform to struggling ASU industry, the Gujarat government through its VG initiative, has decided to dedicate an entire pavilion for the Ayurveda industry for the first time, by arranging Vibrant Gujarat Ayurveda World Expo 2015 in concurrence with Vibrant Gujarat Global Trade Show 2015. This will provide a plethora of growth opportunities for the ASU sector, as it will help in generating better market awareness globally about the ayurveda industry.
According to Gujarat Ayurvedic Aushadh Manufacturers Association (GAAMA), being part of such globally accepted forum will provide huge encouragement to the industry, which has been grappling with issues and concerns due to constant negligence from the Government. Not only will this event help them showcase their expertise to the world but will also help in clearing the misconceptions and doubts about the quality of the products as well, they feel.
Prabodh Shah, president, GAMMA pointed out, “We will be able to portray Gujarat as not only a brand pharma but also brand ayurveda hub in front of the world, to attract future investment. This will surely benefit and set as a benchmark for the ayurveda medicine manufacturers and the industry as a whole in creating awareness about the industry.”
Overall Vibrant Gujarat Global Summit is an ideal convergence for other states and other countries to showcase their strengths, highlight business opportunities, facilitate knowledge dissemination etc. It also provides an attractive opportunity to its participants to understand the potential of Gujarat in various sectors. Besides, it provides platform to interact with policy makers, industry leaders and renowned academicians from all over the world.