SEOUL: Rajasthan Chief Minister Bhajan Lal Sharma, while inviting South Korean investors to explore investment opportunities in the state, delineated his government's agenda of doubling the state's economy from the current $180 billion to $350 billion in the next 5 years.
Leading a high-level delegation, CM Sharma is in Seoul for his first international investors' meet ahead of the upcoming 'Rising Rajasthan Global Investment Summit', scheduled to be held in December.
He told investors on Monday that "the state is constantly improving processes and policies to provide 'ease of doing business' in the state".
Exhorting the startups, innovators and members from South Korea's top business groups, to do business in the state, CM Sharma said, "The Government of Rajasthan is not looking at South Korea as a source of investment only, but also aspires to build a strong and long-term partnership across sectors with the business leaders of South Korea. As part of our investor-friendly initiatives, my government will soon launch a slew of new policies that will enhance the business-friendly climate in the state including the new Industrial Policy, Export Promotion Policy, MSME Policy and One District One Product (ODOP) Policy."
Apart from the investors' meet, the CM also held one-on-one meetings with senior officials of several big South Korean companies and associations from key sectors such as Infrastructure, Chemicals, Startups and Tourism among others. This includes meeting the senior officials of POSCO International, SG Corporation (asphalt concrete manufacturer), GS E&C (firm working in the renewable energy and battery storage space), Hanwha Solution (chemicals), and Jeonbuk Creative Economy Innovation Center (JCCEI) which works as the incubator for startups.
Several investors present at the meet have expressed interest in making investments in the state.
Officials of POSCO International and SG Corporation, who met the CM together, expressed interest in setting up an asphalt manufacturing unit in Rajasthan and offered to make "better roads" in the state with their products. They also shared their expectations from the government, with respect to subsidies, infrastructure services, raw material procurement and other requirements.
A special meet was also organised to showcase the potential of Rajasthan's tourism sector, including showcasing the nine UNESCO sites, forts and palaces, forests and wildlife, fairs and festivals, wedding destinations and 'Palace on Wheels' -- a heritage train that tours international tourists around the best destinations of the state.
Addressing a special tourism roadshow, CM Sharma said that both India and South Korea have a lot in common in terms of culture and festivals.
"I am here as a representative of Rajasthan, and I invite you all to invest in our land of heritage and culture. Today, Rajasthan is one of the fastest-growing economies in India, equipped with exceptional infrastructure, connectivity, and facilities. My government is ready to support you at every step of your investment journey. Together, we can build a bright future for Rajasthan and further strengthen the friendship between our two great countries, " he said.
Amit Kumar, India's Ambassador to South Korea, said, "Rajasthan is emerging as a promising investment and trade destination in India. The state is committed to fostering a conducive regulatory environment for business expansion. The upcoming 'Rising Rajasthan Global Investment Summit 2024' will provide an ideal platform for exploring new business ventures in the state."
The high-level delegation that travelled along with the CM comprises his deputy Prem Chand Bairwa, Additional Chief Secretary to CM Shikhar Agarwal, and Principal Secretary (Industries and Commerce) Ajitabh Sharma among others.
The investors' meet was organised with the help of the Indian Embassy in South Korea and the Indian Chamber of Commerce in Korea (ICCK).
The state government will host the 'Rising Rajasthan Global Investment Summit 2024' from December 9 to 11 in Jaipur.