By Irfan Mohammed
Jeddah: Telangana has huge potential of high returns on investments in many sectors including agriculture, Information, and Technology, pharmaceutical, and textiles among them said IT, Industries and Municipal administration minister K.T. Rama Rao.
He urged Saudi businessmen to invest in India’s younger state that is worthy to invest in diversified fields. Delivering a keynote address on the inaugural event of “Telangana Investment Meet” through a webinar on Monday, he said that the ease of doing business policies of Telangana state has led to the establishment of several multinational companies in the state.
Prominent Saudi Businessmen, NRI entrepreneurs, and also a section of top Saudi officials participating in the two-day event is organized by Indian Embassy in Riyadh and the Telangana state government.
He said that TS-iPASS is a certification service to establish industries, manufacturing, and services, in the state within a period of 15 days.
“Telangana state is the only in the country to grant all approvals in a faster manner, Amazon has the largest warehouse in Telangana, which is larger than their headquarters, Telangana granted all permissions within 11 days”, said Rama Rao.
He said that Google, Apple, and many other giants chose Telangana as their preferred choice owing to the state government’s investor-friendly policies.
Minister said that it’s not only IT and industrial and other sectors such as agriculture, textile and pharmaceutical also having a lot to offer for investors.
Rama Rao said that the food park that was established in Nizamabad is one of the finest examples of the state as a destination for diversified portfolio investments.
Indian Ambassador Dr. Ausaf Sayeed emphasized upon the strategic partnership agreement signed by India and Saudi Arabia during the visit of PM Narendra Modi to Saudi Arabia in 2019. The accord has boosted bilateral ties between both countries, he added.
The Ambassador commended the ease of doing business policies of Telangana state.
The envoy said that 476 Indian companies with a worth of US $ 1.5 billion are registered in the Kingdom.
Dr. Ausaf Sayeed also revealed that Saudi Sovereign Wealth Fund has invested in Indian start-ups such as Ola, OYO, Paytm, PolicyBazaar, Delhivery, FirstCry.
Saudi Aramco, SABIC, ZAMIL, E-Holidays, Al Batrjee Group among few major companies that invested in India, according to Ambassador.
He said that Saudi Arabia is India’s fourth largest trading partner.
Highlighting the rich heritage of over 400 years, IT and Industries Principal Secretary Jayesh Ranjan said that in addition to its glorious history, it is also a modern and cosmopolitan metro city. He told in the webinar that Hyderabad has been the best city in the country for the last five years in a row. He also said that Hyderabad is the least polluted city in the country.
Answering a question Jayesh Ranjan said that repatriation of profits is allowed for FDIs in a transparent manner without any hassle, however, few sectors such as defense, aerospace where some policies of the government of India will be followed.
Hailing the growth of Telangana, Niti Ayog Additional Secretary Rakesh Sarwal told Saudi businessmen that Telangana is the right place as the state offering great opportunities to investors. He termed the younger state in the country as an extraordinary achievement in business.
Niti Ayog official said that turmeric products produced in the food park in Nizamabad are being exported to New York.
Sarwal added that “I assure and endorse whatever K.T. Rama Rao has said about the achievement of his state”.
Yasser Al Dohaim, Executive Vice President of SCISP, an important arm of Saudi, Abdulaziz Qaitani, President of Saudi Indo Business Council also spoke at the event. Consul Hamna Mariam Khan moderated the inaugural season.
A wide range of discussion in agriculture, food processing, IT, life sciences, pharmaceutical, chemical and fertilizers, power, energy, space, textiles sectors of Telangana is being held in the webinar.