Bengal Global Business Summit Spurs Agri Sector Growth: 93 MoUs Inked Worth Rs 1,314 Crore Investment

In a significant boost to the agricultural sector, the Bengal Global Business Summit (BGBS) 2023 witnessed the signing of 93 Memoranda of Understanding (MoUs), securing investments totaling Rs 1,314 crore over the next two years. The announcement was made by Sanjiv Puri, sector co-chair and Chairman of ITC, during the closing ceremony of the summit.

Chief Minister Mamata Banerjee revealed that a total of 188 MoUs and letters of intent were signed across various sectors, including agriculture, healthcare, IT and ITeS, education, app-cab aggregation, and e-commerce. This marks a notable increase from the 137 MoUs signed at the previous year's summit.

The agricultural sector took center stage, reflecting the state's commitment to fostering growth and innovation in this vital industry. ITC, a key player in the agri-business, introduced the ITCMAARS (Metamarket for Advanced Agriculture and Rural Services) app. This innovative platform aims to provide farmers in Bengal with crop advisory services, market access, and financial services in Bengali. Sanjiv Puri expressed the goal of reaching nearly five lakh farmers through 100 Farmer Producer Organizations (FPOs) over time.

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While Chief Minister Mamata Banerjee emphasized the importance of Medium, Small, and Medium Enterprises (MSMEs) for employment generation, the National Stock Exchange (NSE) entered into a strategic pact with the state government. This collaboration aims to assist Bengal's MSMEs in fund-raising through the Initial Public Offering (IPO) mechanism, utilizing the NSE Emerge platform. The partnership also includes the establishment of an alternative fund platform for state MSMEs.

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In a bid to position the state as a "global hub for green shipbuilding" by 2030, Garden Reach Shipbuilders and Engineers (GRSE) signed an MoU with three companies, including Shift Clean Energy, Seatech Solutions International, and the American Bureau of Shipping. The collaboration focuses on the development of electric tugs, contributing to a reduction in carbon emissions. GRSE's shares reportedly surged by 4% following the announcement.

The education sector also witnessed substantial growth with the signing of 13 MoUs, amounting to a Rs 2,036 crore investment plan. Additionally, the IT and ITeS sector saw five MoUs being inked, with notable partnerships such as JIS Group collaborating with the state government to establish a veterinary college at Mogra, and Webel joining forces with entities like Data Security Council of India (DSCI), Adamas Tech Consulting, Cyber Peace Foundation, NTT Global Data Centres, and Cloud Infrastructure India.

The Bengal Global Business Summit has proven to be a catalyst for diverse sectors, propelling Bengal towards economic growth and sustainability.

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