Announcing the launch of the Meghalaya Industrial and Investment Promotion Policy (MIIPP) 2024, Chief Minister Conrad K Sangma on Thursday said as many as nine Memorandum of Understandings (MoUs) worth Rs 2,957 crore have been signed with various private investors.
Speaking to media persons, Sangma said, “Nine MoUs have been inked in the past one week and those include different areas like tourism to food processing to different areas of technology and even some areas of pharmaceuticals and also in terms of beverages in some areas. So all these investments and MoU of close to 2957 crores has already been inked after the policy has come in place.”
“In fact today we will officially sign two more proposals and one will be with Varun beverages which is the holding company that runs the different Pepsi plants all over the country. Roughly about Rs 180 plus crores is going to be invested by Pepsi to put up a Pepsi Plant for supply of Pepsi and other products in Meghalaya as well as in other parts of the country especially in North Bengal and other parts of Assam,” he said.
He said a MoU will also be signed with the Northeast United for putting up their first residential football academy in Mawkhanu.
“As you are aware John Abraham himself is here today. He has gone to see the land parcel which the government is giving to them where the Northeast United Residential training football Training Academy will come up,” he said.
The companies that signed MoUs promising investments in Meghalaya also include Ramky Infrastructure Ltd (Rs 2000 Cr), Polo Towers Group (Rs 465 Cr), Sonar Bangla Group (90 Cr), Quadra Infratel Synergies Pvt Ltd (Rs 100 Cr), Seven Sister Resources (Rs 1 Cr), Playmaker Labs (Rs 1.2 Cr), AI Genix (Rs 100 Cr), Lallooji & Sons (Rs 100 Cr), and Varun Beverages Ltd (Rs 100 Cr).
The CM further informed that the government of Meghalaya envision bringing about Rs 8,340 crores of investments through incentives of Rs 700 crore + SGST Reimbursement.
Sangma said, “In order to achieve the 10 billion dollar economy, we have calculated that we require a minimum of 1 billion dollars in terms of private investment that we need to achieve, which will then add to the overall 10 billion target that we have.”
“The government of Meghalaya will be roughly spending and budgeting about close to 700 crores to be given as different incentives to the different companies who will invest…,” he added.
Sangma informed that over 50,000 direct and indirect job opportunities will be created in Meghalaya through the implementation of the new Industrial policy. This employment generated will be in addition to the 40,000 jobs created through the CM Elevate program.
The policy focuses on the local youth employment as it mandates investors to employ domiciles of Meghalaya to avail the incentives of the policy.
Furthermore, employee-related incentives are also included in the MIIPP, 2024 in the form of EPF benefits.
The CM said with the unveiling of MIIPP 2024, Meghalaya is embarking on a path of profound transformation towards prosperity and progress. A balanced growth of industries is paramount for the State’s accelerated development.
He said this comprehensive policy is designed to leverage Meghalaya’s key strengths and actively promotes investment opportunities within the State.
“Throughout the Policy duration, we are committed to continually enhance the investment climate. We are also establishing a nodal agency- “Invest Meghalaya Authority” to boost the Ease of Doing Business in the State. Together, to create a vibrant ecosystem that promotes inclusive and sustainable industrial development, benefiting every citizen of Meghalaya,” he said.