Mumbai: Gujarat has received Rs. 18,155 crore investment as part of 167 MoUs signed in the Vibrant Global Gujarat Summit (VGGS) 2023, informed Dr H G Koshia, Gujarat Food and Drug Control Administration (FDCA) Commissioner. He further added that over the past two decades, the Vibrant Gujarat Summit has solidified its position as a premier global investment event, driving significant economic growth and development in the state.
From a modest start in 2003 with just 5 MoUs amounting to Rs. 800 crore, the Vibrant Global Gujarat Summit has grown exponentially, with 2023 witnessing a record investment value of Rs. 18,155.54 crore from 167 MoUs. The summits have seen increasing participation from global investors, indicating growing confidence in Gujarat’s business environment.
“World Bank support, additional investments, upcoming bulk drugs and medical device park further added heft to Gujarat success story and economy in the form of 10th Vibrant Gujarat Global Summit (VGGS)-2024 held in January this year with a pre-Vibrant Gujarat Global Holistic Healthcare Summit themed “Holistic Healthcare – Good Health and Wellbeing for All” at Gandhinagar. In VGGS- 2024, the pharma sector alone committed Rs. 18,340 crore of new investment. Zydus Life Science Group also signed an investment MoU worth Rs. 5,000 crore,” Dr Koshia stated.
In VGGS 2003, 5 MoUs translated into an investment value of Rs. 800 crore. In VGGS 2011, 80 MoUs translated into an investment value of Rs. 2644.85 crore. In VGGS 2013, 133 MoUs translated into an investment value of Rs. 3492.53 crore. In VGGS 2015, 201 MoUs translated into an investment value of Rs. 3213.23 crore. In VGGS 2017, 142 MoUs translated into an investment value of Rs. 4887.88 crore. In VGGS 2019, 273 MoUs translated into an investment value of Rs. 8,223.21 crores.
The consistent rise in both the number of projects and the total investment value underscores the effectiveness of the Vibrant Gujarat initiative in fostering a conducive climate for business and investment. The influx of investments has not only enhanced industrial growth but also significantly boosted employment opportunities, contributing to the socio-economic upliftment of the region.
“The Vibrant Gujarat Summit, through its successive editions, has proven to be a powerful catalyst for economic development in the state. By attracting substantial domestic and international investments, it has played a pivotal role in transforming Gujarat into a major industrial hub. As the state looks forward to future editions, the sustained momentum promises further growth, innovation, and prosperity,” Dr Koshia concluded.
