Advantage Assam 2.0: Aiming to Position Assam as a Global Investment Hub

The second edition of Advantage Assam, the state’s flagship investment summit, is set to take place on February 25-26, 2024, in Guwahati. Spearheaded by Assam Chief Minister Himanta Biswa Sarma, the summit aims to attract investments and foster economic partnerships with stakeholders from across the globe. The event will be graced by the presence of prominent figures such as Prime Minister Narendra Modi, External Affairs Minister S. Jaishankar, and Finance Minister Nirmala Sitharaman, underscoring its importance in India’s economic landscape.

International and Domestic Engagements

Chief Minister Himanta Biswa Sarma has embarked on a series of high-level meetings to promote investment opportunities in Assam. 

In New Delhi, he held discussions with representatives and investors from countries such as Singapore, Thailand, Sri Lanka, Bangladesh, Vietnam, and the European Union. These meetings witnessed active participation from diplomatic representatives and corporate leaders, who expressed keen interest in exploring Assam's potential.

Further outreach efforts are planned in Mumbai, where the Chief Minister will meet leaders from major companies, including the Tata Group and Essar Group, to discuss collaboration and investments. Additionally, three rounds of diplomatic discussions with ambassadors and high commissioners from 36 countries are scheduled, focusing on strengthening ties with South-East Asia and the European Union.

Key Highlights of Assam’s Progress

During a keynote address to diplomats, industry leaders, and stakeholders, Chief Minister Sarma outlined Assam’s transformative progress over the past decade. He highlighted upcoming infrastructure projects worth ₹1 lakh crore, including the construction of three new bridges over the Brahmaputra, the development of a satellite city around Guwahati with assistance from the Singapore Government, and a railway line connecting Guwahati to Gelephu, Bhutan.

The Chief Minister emphasized Assam’s commitment to green and renewable energy, calling on industries to adopt green power sources. He specifically referenced the upcoming Tata semiconductor plant in Jagiroad, which is set to use renewable energy. Assam’s economy, growing at a robust 12.5%, was portrayed as a key growth engine for India. Dr. Sarma also highlighted Assam’s strong educational infrastructure, which includes premier institutions like IIT, AIIMS, IIM, and upcoming projects like the NIELIT University campus.

To further accelerate industrialization, the Assam government plans to establish a ₹25,000 crore production-linked incentive (PLI) fund. This corpus aims to attract large-scale investments and create opportunities for industries to flourish in the state.

Focus on Defense and Skill Development

The Chief Minister revealed ongoing discussions with the Ministry of Defence to establish a defense corridor in the areas adjoining Guwahati, extending toward Nagaon. He also underscored the government’s emphasis on skill development, with the North East Skill Centre training 10,000 youths to meet industry demands.

Celebrating Assam’s Heritage

Assam’s rich cultural heritage and natural resources were also highlighted. Dr. Sarma lauded the conservation efforts at Kaziranga and Manas National Parks and invited dignitaries to witness a grand Jhumur dance performance by 8,000 dancers on February 24, a day before the summit. This cultural spectacle will be attended by the Prime Minister and other dignitaries, offering attendees a glimpse into Assam’s vibrant traditions.

Investment Opportunities in Key Sectors

Chief Secretary Dr. Ravi Kota presented Assam’s strengths and opportunities for investment across various sectors, including tourism, fragrances, food and beverages, renewable energy, and logistics. He emphasized Assam’s locational advantage as a gateway to BBN and ASEAN countries, robust industrial infrastructure, and a business-friendly ecosystem.

Secretary (East), Ministry of External Affairs, Jaideep Mazumdar, commended Assam’s transformation, stating that the state is moving away from its slow-paced image and is now on a fast growth trajectory.

Precursor Events and Industry Engagement

A series of precursor events to Advantage Assam 2.0 began with a roundtable discussion involving bilateral chambers and trade associations. Chief Secretary Dr. Ravi Kota delivered the key address, while Manavendra Pratap Singh, MD of AIDC Ltd., gave a detailed presentation on the summit’s objectives. The event also saw participation from Union Minister for Commerce & Industries Piyush Goyal, Minister of State for External Affairs Pabitra Margherita, and leaders from FICCI and Invest India.

Also Read: Jhumur Dance At Advantage Assam: Bimal Borah Shares Govt's Planning