Spl investment policy for NE likely

Spl investment policy for NE likely
From Our Spl Correspondent
NEW DELHI, March 5 – A special industrial and investment promotion policy may in place in the region, but the inflow of Foreign Direct Investment (FDI) into the North-East has not been encouraging. During the last seven years, the North Eastern region attracted $ 1.44 million FDI. The country witnessed FDI inflows in the manufacturing sector to the tune of $ 19,038 million during April 2000 to December 2007. In the same period, inflows into the manufacturing sector in the North-East were $1.44 million, Minister of State for Commerce and Industry, Ashwani Kumar told the Rajya Sabha.

Government of India has put in place a liberal, transparent and investor friendly policy for FDI. Under the liberalised economic environment, the entrepreneurs based on techno-economic and commercial consideration take investment decisions, including choice of location. Government has announced North East Industrial and Investment Promotion Policy 2007.

Though the FDI inflow into the region was low, DoNER Ministry said that 42 proposals for Thai-North-East trade cooperation in investment and the Indian Chamber of Commerce, Kolkata, is on.

The proposals were outcome of the North East India Trade and Investment Opportunities Week held in Thailand last year. At least 10 MoUs were sealed, said Minister DoNER, Mani Shankar Aiyar.

One of the significant gains of the event was the NEDFi's MoU with India-Thai Business Forum. The seven-point MoU talks about exploring and facilitating trade and investment opportunities by creating a dedicated facilitation desk, source markets and create investment technology parks among others.

With this event, a significant beginning has been made and a platform for stronger bilateral economic relations and better economic understanding and exchange between the two countries has been created, the Minister said.

Further, discussion is being initiated with Australia, Singapore, ASEAN and UAE. There is an ongoing initiative with NRIs of the NER in the US. "It is essential that NER be projected as attractive FDI and trade destination world-wide and specifically under the Look East Policy.