ICC hosts Bihar Business Connect 2024 in Kolkata to showcase state's growth and investment potential

The investors' roadshow centred on business and investment opportunities in the state of Bihar.

Bihar Industries and Tourism Minister Nitish Mishra, Tourism and Information & Technology secretary Abhay Kumar Singh, Additional Chief Secretary, Department of Industries, Sandeep Poundrik, ICC President Ameya Prabhu, and ICC Director General Rajeev Singh attended the event.

Two Bihar investors, Anmol Feeds' Amit Saraogi and Priority Bags' Tushar Jain, also joined the programme.

Bihar Industries Minister Nitish Mishra said, "I belong to the era of the 90s when we migrated to metropolitan cities for work. Today, I wish to return and develop opportunities within our state."

"Bihar's success and growth are often clouded by preconceived notions, but this is no longer the case. We are working to change these outdated perceptions," Nitish Mishra said.

"Despite a century-long connection with ICT, Bihar has suffered from a wrong perception. When people ask why they should invest in Bihar, I respond, 'Why not Bihar?' Bihar epitomises ease of doing business," Mishra added.

The minister noted that the eastern region of India was set to be the fastest-growing sector in the coming years.

"Bodh Gaya offers significant opportunities, holding roots for many religions," he said.

While presenting on investment opportunity in IT, ITeS & ESDM Sector in Bihar, Tourism Secretary Abhay Kumar Singh said, "In Bihar's Tourism Sector, we're focused on enhancing Spiritual, Cultural and Eco-tourism across key locations like Gaya, Bodh Gaya, Nalanda, Rajgir, Vaishali and Valmiki Tiger Reserve."

"To support investors, we're offering a 30 percent subsidy (up from 25 percent) for projects including resorts, hotels, theme parks, entertainment zones, thematic restaurants, Golf courses and floatels," Singh said.

While presenting the investment opportunities in Bihar, Additional Chief Secretary Sandeep Poundrik, explained, "Selling Bihar as an investment destination is challenging but I want to clarify that many preconceived notions are incorrect. To all potential investors, I urge you to visit Bihar and witness the progressive changes it has undergone over the years and also explore the industrial areas of Bihar."

"Our economy is performing well with a state GDP that surpasses the average. The MSME ecosystem is also thriving. Investors typically consider factors such as market potential, connectivity, raw materials, infrastructure and location," Poundrik said.

"Bihar is strategically located with a population of around 14 crore and the entire eastern region is growing rapidly. The state boasts three airports, excellent roads, good train services and waterways, all contributing to superb connectivity. The highways are well-maintained," the IAS officer added.

He said in terms of raw materials, Bihar is renowned for Bhagalpur silk and produces significant amounts of silk, jute and leather.

"Britannia has established its second factory here and 85 percent of India's makhana is produced in Bihar. It is also the third-largest producer of potatoes. Food processing has immense potential in the state and we have agri-produced clusters," Sandeep Poundrik said.

"We are blessed with abundant water resources. Bihar hosts numerous industrial parks. We also have software technology parks and strong government policy support," Poundrik added. "We offer ready-to-plug facilities, a fast allotment process, guided tours, assistance with mandatory and statutory clearances and training support. Importantly, we don't just declare subsidies, we actually provide them."

ICC President Ameya Prabhu said Bihar is now regarded as a safe investment destination.

"The state has made significant progress over the years. The infrastructure here is excellent," Prabhu said.

Bihar Industries Minister Nitish Mishra told IBNS that the state is planning to host four-five more such business connect events in association with the ICC in major Indian cities in different zones, aiming at the Bihar Business Summit, which is scheduled to be held on December 11 and 12 this year.