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Maharashtra to sign 12 MOUs with foreign companies

Maharashtra government will sign 12 MOUs with companies from the US, China, South Korea and Singapore, promising an investment of Rs 16,000 crore. The MOUs will be signed today evening in the presence of the Chief Minister Uddhav Thackeray.

Maharashtra is one of the most industrialised states in the country with more than 60,000 industries that employ 1.5 million people.

Due to the COVID lockdown, several industries had to be shut owing to the migrant labourers going back to their home states. Maharashtra has been under a lot of pressure to restart industries. Hence, the state government has devised a new strategy called “Magnific Maharashtra 2” roadmap. Under this, important companies are going to sign MOUs with Maharashtra government.

Along with Indian companies, several companies from the US, China, Southe Korea, Singapore are also going to sign the 12 MOUs. Global business leaders and bilateral investment agencies will also join this exclusive session.

The investments will be made majorly in the engineering, automobiles, food processing sectors. The state government has eased the norms of opening industries.

“Some of the features of the roadmap include the plug and play infrastructure, an earmarked landbank of more than 40,000 acres, flexible rental and pricing structures, automatic permissions in 48 hours, specialised labour protection guidance and an industry employment bureau for local skill and capacity matching for industries,” one of the officials said to Indian Express.

This step by the state has been taken in order to ensure that Maharashtra at such a crucial time can turn itself into an attractive investment destination and revive its economy.

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