Ahead of the second edition of the Bihar Business Connect 2024 summit, the Department of Industries of the Bihar government showcased the state's strategic initiatives, reforms and investment opportunities to select diplomats.

 The Bihar Business Connect 2024 – Ambassadors' Meet presented the policies and initiatives of the state government to the global audience as a precursor to the Summit scheduled for December 19-20, 2024, in Patna, according to an official statement.

 The event had Bihar Deputy Chief Minister and Finance Minister Samrat Chaudhary, Industry and Tourism Minister Nitish Mishra, State Chief Secretary Amrit Lal Meena, and Bandana Preyashi, Secretary of the Industries Department.

 The roadshow saw diplomats from around 30 foreign missions in India as also international trade associations and trade promotion bodies participate.

 Foreign guests present at the event included Nguyen Thanh Hai, Ambassador, Embassy of the Socialist Republic of Vietnam; Mariano Agustin Caucino, Ambassador, Embassy of the Argentine Republic; and Josel Francisco Ignacio, Ambassador, Embassy of the Philippines. David Pasquini, Commercial Officer of the US Embassy, alongside prominent trade bodies such as the Indo-German Chamber of Commerce, TPCI, FIEO, AEPC, US-India Business Council, and UK-India Business Council.

 Speaking at the event, Chaudhary highlighted Bihar's rapid strides in industrial development and sustainability and said, "Policy, population, and water make Bihar special. Here we are working on policies which are sector-specific like leather, IT, start-up, etc. Our demographic dividend is our strength. This not only makes Bihar a big market but also an epicentre for human resources.

"Abundance of water makes the land of Bihar superior in terms of production. In the coming days, more positive changes will be seen in Bihar, which will definitely make the state more favourable for investment."

 Industry and Tourism Minister Nitish Mishra emphasised the state's untapped potential, saying, "All the facilities required for investment anywhere are present on a large scale in Bihar. Here land, infrastructure, connectivity, electricity, water, human resources and market are all available, which makes Bihar investment-friendly. Today, as we are working to achieve the goal of Viksit Bharat in 2047, it becomes necessary that we take advantage of the immense opportunities available in Bihar."

 Meena emphasised the statistics that define Bihar as the hub of investors and said, "Bihar is a complete turnaround story. The ease of doing business is the focal point of Bihar. There is massive focus on agriculture where production has gone up exponentially.

"Our CAGR of per capita power consumption is 16 per cent, which is the highest in the country, and now there's complete focus on renewal energy. Data consumption has gone up by 2000 per cent, which talks about the growing economy. With aspiring youth, Bihar is clearly the future."

 Reaffirming Bihar as a premier global investment destination, Preyashi said, "Bihar is fast emerging as an industrial land, where both small and big investors are investing. Almost 100 per cent electricity, huge market, abundant water, friendly policies and better infrastructure are some of the aspects that make Bihar investment-friendly and attract investors.

'We are continuously working to improvise and bring sector-specific policies. We are also making the path easier for investors by providing various types of incentives, such as capital investment subsidy, export subsidy, and interest subvention."

 Highlighting the strategic investment opportunities in Bihar in his opening remarks, Jaideep Ahuja, Chairman, CII Delhi Chapter, stated, "We stand on the threshold of tremendous opportunity, a vision to foster partnerships and open new doors for investments in the vibrant dynamic state of Bihar. Bihar growth story is one of resilience, transformation and promise. The state has established itself as a promising hub for investments and industries, and I am delighted to witness the momentum that is building in the collaborative spirit that defines today's economic environment."

 Rajneet Kohli, CEO, Britannia Industries, which has two manufacturing plants in Bihar, said, "Bihar, with its growing population of 140 million, offers a captive market for our products. The state's robust GDP growth, the second-highest in the nation, further fuels our expansion. We've created over 3,000 jobs and reached 7,500 villages, establishing 1,000+ rural outlets and 55,000+ urban outlets."

 Kamal Oswal, Managing Director, Nahar Group, mentioned while addressing the other dignitaries, "We're starting our new Logistics Park in Bihar, a massive 1 million square foot facility. This USD 15 million investment will generate 4,000 jobs, making it one of India's largest logistics hubs. Our experience in Bihar has been exceptional, with all approvals processed swiftly and efficiently, unlike any other state we've invested in."