Gujarat is emerging as a key State for investment for companies from China, Japan, South Korea and Taiwan mainly in chemicals, automobile and auto parts, steel processing sectors. In last four years, the State has attracted almost $4,000 million investments in projects either commissioned or under implementation from these countries.

“We are witnessing a massive inflow of investments from countries like Japan, China, and South Korea and now Taiwan has also joined the race,” Gujarat Chief Secretary J.N. Singh said, adding “dozens of companies are lining up their investments particularly in manufacturing sector in the state.”

“After Suzuki’s plant in Gujarat, over one dozen small companies supplying auto parts to Suzuki have set up their factories in Mandal Bechraji industrial belt in North Gujarat,” Dr. Singh said, providing details of foreign companies’ investments in Gujarat.

According to him, Japan’s external trade body JETRO (Japan External Trade Organization) has already set up its office to facilitate investments from Japanese companies in Gujarat and similarly, South Korea’s KOTRA (Korea Trade-Investment Promotion Agency), is also opening its office in Gujarat from January 17th when a senior minister from Korea will inaugurate it during the Vibrant Gujarat Summit.

“Chinese steel major Sunrise group has formed a Joint Venture (JV) to set up a steel pplant in Mundra, Kutch with investments of 900 million USD,” D. Thara, Vice Chairperson of Gujarat Industrial Development Corporation (GIDC) said.

When asked whether non-participation of the U.S. and U.K. in the Vibrant Gujarat Summit as partner countries in the summit slatted to be held later this month mean the State is losing a charm among investors, Dr Singh contended that it would hardly have any impact.

“There are many factors including their domestic factors like Brexit in UK. But their non participation is not something that can change the ground reality in the state. Today, the state is growing as the preferred destination for companies from Japan, Taiwan, China and South Korea,” Chief Secretary said.

Ms. Thara also concurred saying the state nodal agency for industrial development gets good number of inquiries from foreign companies for land requirement and other infrastructure related needs.

Four years ago in 2015, Vibrant Gujarat Global Investment Summit was one of the most high profile events of the country with attendance of the then US Secretary of State John Kerry, chiefs of United Nations and World Bank and hundreds of top diplomats and heads of several MNCs, who were jostling to hand shake with Prime Minister Narendra Modi, who had moved from Gujarat in May 2014.

However, recently both UK and USA have stated that they would not be joining the summit as partner countries for variety of reasons. The Gujarat government has now moved to African countries besides China, Japan and South Korea, who would be sending their ministerial delegations including CEOs and businessmen of their companies in the summit to be held in Gandhinagar from January 18th to 20th.