Jharkhand Attracts Investors from Spain, Sweden

Ranchi, May 5 (PTI) Investors from Spain and Sweden have shown interest in investing in Jharkhand, a senior state government official said on Monday.

He said the state received seven investment or partnership proposals following the visit of a delegation led by Chief Minister Hemant Soren to the two European countries.

Two of the prospective foreign investors were keen to set up projects worth around Euro 270 million (Rs 2,853 cr) in Jharkhand.

“Discussions are going on with these companies. The two companies that have provided investment figures are also in talks with other states, so we have to compete to attract their investment,” Industry Secretary Arva Rajkamal told reporters while briefing the delegation's visit to Spain and Sweden.

The delegation discussed with industrial associations and companies involved in mining, infrastructure, construction, steel, renewable energy, automobile and food processing businesses.

The CM has announced that a dedicated desk will be set up for the European companies for the smooth facilitation of investment into Jharkhand, he said.

Soren led a senior government and industry delegation to Spain and Sweden from April 19 to April 27 to seek investment for the state.

“Within one week since the completion of the visit, we have already received investment or partnership proposals. Embassies of India in Spain and Sweden are also following up with companies who attended the investment roadshows to expedite their proposals,” Rajkamal said.

He said they would also explore investment opportunities in Japan, Taiwan and Australia in near future.

“The purpose of the visit was to enhance Jharkhand's visibility in European countries and attract foreign direct investment (FDI), an area where the state lags behind others in the country,” Rajkamal said.

Jharkhand's last international investor outreach through roadshows was conducted in 2016-17. The state has not been actively promoting investments on the global stage for almost nine years, which is one of the reasons for the minimal inflow of FDI to the state, he said.

Between 2016-17 and 2018-19, Jharkhand received FDI of approximately Dollars 20 million (around Rs 100 crore).

“In 2019-20 and 2020-21, FDI surged to around Rs 13,000 crore, primarily due to a major investment by a single company for a mining project. However, this project has not yet materialised due to forest clearance issues. Excluding this investment, Jharkhand has not received significant investment proposals from 2021-22 to 2023-24,” Rajkamal said.

He said that the visit to European countries was the need of the hour to revamp FDI into the state.