GUJARAT: Gujarat In Talks With Chipmakers In Japan, US, South Korea For Investment

GUJARAT: Gujarat is in talks with semiconductor companies in Japan, South Korea, and the US for investment in the state, Chief Minister Bhupendra Patel said on Thursday.

Gujarat, which is Prime Minister Narendra Modi’s home state, is holding its biennial Vibrant Gujarat Global Summit next week and has signed initial investment agreements worth $86 billion with 58 companies ahead of the event.

The summit is expected to draw a record number of foreign and domestic investors to the Western state in what is seen as Modi’s big push to promote investment in the South Asian nation just months ahead of national elections, in which PM Modi will seek a third term.

Gujarat is one of the country’s top industrial states, with an estimated 8.3% contribution to the country’s gross domestic product (GDP), which it wants to increase to 10% by 2030, Patel said.

The state government will focus on renewable energy, green hydrogen, and green ammonia, among other investment sectors, during the summit, he added.

The state also expects to attract up to 4 trillion rupees ($48 billion) of renewable energy investments over the next five years, Gujarat’s energy secretary said.