Shrinivas V Dempo, President of the Goa Chamber of Commerce and Industry (GCCI), has emphasised the pivotal role of showcasing Goa as a global investment destination for the New-Age industry, encompassing warehousing, logistics, IT and more.
In anticipation of the ‘Invest Goa 2024 Summit’, slated for January 29 in Panaji, Dempo highlighted the transformative opportunities for the state’s youth in acquiring distinct skills for gainful employment within the New Age Sector.
The Invest Goa 2024 Summit, a collaborative initiative by the Goa Industrial Development Corporation (Goa-IDC) and the Confederation of Indian Industry (CII) serves as the National Partner.
Dempo acknowledged the challenges of heavy industries due to environmental concerns, emphasising the need for Goa, through IDC, to be positioned as an international investment hub for New-Age industries such as warehousing, logistics, IT, ITES, medical devices and electronics.
Welcoming the Invest Goa 2024 event, Dempo expressed enthusiasm for industrialists to gather, network and explore the offerings and collaborations with stakeholders in the state. He noted that while Goa is a renowned international brand, the focus on industry-specific projects has been limited. With recent changes in rules and regulations, the Goa IDC is determined to attract investments in new age industries.
Highlighting the industry’s priorities, Dempo stressed the importance of a business-friendly environment, government policies, and the availability of skilled manpower. He emphasized the responsibility of both industry and educational institutions in skill development.
Dempo commended the new rules of Goa IDC, focusing on industrial plots occupied by sick industries. This approach encourages the revival of units or facilitates the transition to alternative activities, providing economic benefits and employment opportunities for Goan youth.
Regarding the Invest Goa 2024 summit, Dempo envisioned it as a flagship event with effective follow-up mechanisms. He urged the creation of a committee within IDC to translate proposals into business initiatives.
Addressing the shift from traditional industries, Dempo acknowledged the transition of businesses like mining and shipbuilding to new opportunities. He encouraged local industrialists to participate in the summit, emphasizing the need for a focus on new age and service industries to catalyze Goa’s GDP growth.
Dempo affirmed a willingness to invest in Goa’s future, with a preference for exploring new industries and opportunities rather than relying solely on traditional businesses.
OVER 350 DELEGATES EXPECTED TO PARTICIPATE
The eagerly anticipated Invest Goa 2024 Summit, scheduled to take place on January 29 has already garnered immense interest, with 400 delegates expected to participate.
Pravimal Abhishek, IAS, Managing Director of Goa Industrial Development Corporation (Goa-IDC) Informed that “Close to 350-400 registrations have been received, and additional participants are anticipated within the next 2-3 days. However, with a maximum sitting capacity of 400 people, a thorough review process is in place to ensure the selection of the most relevant and impactful participants”.
The Invest Goa 2024 Summit is a collaborative initiative between the Goa Industrial Development Corporation and the Confederation of Indian Industry (CII), with the CII serving as the National Partner.
The MD highlighted that there are diverse sectors represented at the summit, including logistics and warehousing, medical devices, food processing, pharmaceuticals, real estate and the entertainment industry as well as information technology (IT) and IT-enabled services (ITES). Emphasizing the summit’s focus on industrial estates, he expressed optimism about the potential collaboration and investment opportunities across these sectors.
Addressing the participation of the real estate sector, Abhishekh noted a shift in investor preferences. He highlighted the challenges industries face in undertaking land acquisition, construction, and obtaining necessary permissions. Instead, he observed a growing demand for pre-built structures, where companies can seamlessly move in.
Abhishek further informed due to the liberalized transfer and sub-lease mechanisms introduced by the Goa IDC in December 2023, the regulations will provide real estate developers with the flexibility to construct factory sheds, establish pre-agreements with companies, and subsequently transfer or sub-lease the property, allowing for more efficient business exits.
In particular, he emphasised the tremendous opportunities for real estate developers and project proponents in industrial estates. This innovative mechanism facilitates the setup of units, offering options for sub-leasing or transferring them to industries, providing a win-win scenario for both parties.
Speaking about the unique challenges faced by IT companies and startups, Abhishek recognised their preference for “plug and play infrastructure.” He explained that startups, often constrained by limited capital, are seeking opportunities to test their products without the burden of significant upfront investments in land and building construction.
The event’s highlights include the launch of India’s 1st Industry Digital Public Good, the introduction of the ‘Goa Industrial Land Bank,’ and the launch of the ‘Goa-IDC Regulation Book.’ The event promises to be a platform for unveiling and celebrating these significant milestones that will play a pivotal role in shaping the industrial landscape of Goa. The launch of the Industry DPG signals a new era of development and promotion, setting the stage for collaborative efforts and innovative strategies in the industrial sector. The introduction of the ‘Goa Industrial Land Bank’ is a crucial step towards streamlining land resources for industrial use. This initiative is poised to facilitate smoother processes for industries seeking suitable land for their operations, contributing to enhanced ease of doing business in Goa.
The summit’s sectoral sessions are designed to foster strategic discussions on critical topics. The sessions include: Unleashing Strategic Investments in Logistics & Warehousing for Sustainable Growth, Tech Transformation: Navigating the Digital Future and Country Sessions to provide a platform for cross-border collaboration and knowledge sharing, facilitating an exchange of ideas and best practices.
The Invest Goa 2024 Summit is not just a meeting of minds; it is a catalyst for positive change, innovation, and collaboration. With these impactful launches and insightful sectoral sessions, the summit is poised to be a defining moment in Goa’s journey towards economic prosperity and sustainable development.
