Development of the Northeast region organized the Northeast Global Investor Summit 2023
Organized by the Ministry of DoNER (Development of North Eastern Region), was held in Hyderabad on Monday. The Hyderabad Roadshow showcased the opportunities and investment potential of India’s Northeast Region.
During the Summit, Mr. K Moses Chalai, Secretary of the North Eastern Council, emphasized the potential for investment and growth in India’s northeastern region. He highlighted the need for private sector involvement and the region’s readiness to attract investments. Mr. Chalai discussed infrastructure developments, improved connectivity, and the rise of sectors like healthcare and education. He acknowledged the region’s strategic location, available resources, and a young workforce. Mr. Chalai stressed the importance of private investment, specifically mentioning the upcoming deep-sea port and the potential of the IT sector. He concluded with confidence in the region’s preparedness and opportunities for economic development.
Speaking at the event, Mr. Harpreet Singh, Joint Secretary of the ministry, said “The agricultural sector in the Northeast holds great promise,” with the region contributing 50% of India’s tea production, which amounts to 1/6th of the total world production. The focus on food processing and cold storage provides an opportunity for value addition and expansion into the export market. However, the transportation challenge of efficiently transporting agricultural products to other parts of the country needs to be addressed.
The ministry further added that The region boasts a “highly skilled workforce,” and the establishment of a NE Skilling Center in collaboration with IITs provides an opportunity for setting up educational institutions and further enhancing the skills of the local workforce. “This aligns with the vision of transforming the Northeast into an international education hub.”
The summit also recognized the potential of the sports industry in the region, which can attract investments in sports-related infrastructure and activities.
Mr. Singh drew the attention of investors and industry captains to the rich heritage of The Northeast – which is known for its “vibrant festivals,” with the Hornbill Festival being a notable example, which can be leveraged to boost tourism and hospitality.
The healthcare sector in Assam and Sikkim has been recognized as pharmaceutical hubs, opening up avenues for investment in healthcare infrastructure and pharmaceutical manufacturing. Additionally, the region has the potential to develop medical value tourism, where medical treatment is combined with tourism, taking advantage of its natural beauty and expertise in healthcare.
The Northeast is renowned for its traditional jewelry made from bamboo and other environmentally friendly products, offering opportunities for investments in sustainable industries. Moreover, there is an upsurge in specialty fabric manufacturing, such as fabrics made from banana fibers, which presents a niche market for investment and growth.
The summit aims to position the Northeast as a manufacturing and services hub, capitalizing on its geostrategic advantage, natural resources, skilled workforce, and access to markets. Roadshows in Bangladesh and India are being held to attract investors. The event serves as a platform for networking, exploring partnerships, and signing Memorandums of Understanding (MoUs), providing businesses with opportunities to expand, invest, and set up manufacturing projects.
Mr. Harpeet highlighted the seven priority sectors: Agriculture, Food Processing & Allied Sectors, Textiles, Handloom & Handicrafts, Entertainment and Sports, Education & Skill Development, Healthcare, IT & ITES, and Tourism & Hospitality that in investors and businesses could explore opportunities to get a foot into Northeast.
Investors from diverse sectors, with a focus on the northeast and ASEAN markets, attended the summit. It provided insights into the incentive and policy framework of the Northeast, enabling businesses to venture beyond borders and tap into emerging markets.
