Business EconomyPosted at: May 25 2024 6:00PM


Meghalaya to attract Rs 8000 crore private investment, says CM

Shillong, May 25 (UNI) Chief Minister Conrad Sangma has said that Meghalaya is projected to attract substantial private investment of Rs 8000 crore.

The investment in Meghalaya is an outcome of the new Industrial Policy that has created an ecosystem for ease of doing business,” he said, while addressing a workshop on ‘Human Development Leadership Programme’ at Tura, which was attended by Deputy Commissioners, Block Development Officers and other district and block level officers from the five districts of Garo Hills on Friday.

Sangma also emphasised that “high investment” would contribute in realizing the ambitious target of 10 billion US dollar economy.

Talking about policies that previously discouraged investors, the Chief Minister said, “The system was tedious and time consuming. Our new industrial policy has provided a framework to give clearance to different statutory requirement within a specified time frame, which is facilitating investors”.

He informed that close to Rs 4000 crore investment has come through in the last one year, which includes Rs 2500 crore thermal power plant to generate 450 megawatt electricity, ethanol plant, beverages and five star hotel chains.

On boosting Information Technology connectivity in the State, Sangma informed that government is engaging with Malaysian and Bangladesh telecom to lay submarine cable lines.

“The optical fibre connection will further boost the IT enabled service sector,” he said.

The Chief Minister also informed on the new five star hotel projects that are coming up in Shillong, Sohra (Cherrapunjee) and Umiam (Barapani), and a three star hotel in Tura, all through private investment.

He said that the hotel will promote business environment and provide job opportunities to the youth.

“Hotels, air connectivity, and high speed internet will encourage more IT companies to setup their enterprises in the state. The Shillong IT Park has provided jobs to more than 3000 youth directly and indirectly and many more companies have expressed their keen desire to setup BPOs in the state,” he said, while also informing on the second phase of the Shillong IT Park, which is creating space for 3000 seater, already confirmed by IT companies from US and European nations.

“Companies are now shifting their focus from cities like Bengaluru and Hyderabad to our state, as they know that we have the human resource and the capacity. Our people have good command over languages, and work ethics, which is an added advantage,” the Chief Minister added.

Sangma further said that government is working with an approach to ensure economic growth with high investment in infrastructure projects.

“In the last five years, the government had charted out the road map, we are making investment in different social sectors with particular focus on education, health, power and rural development,” Sangma said.

Talking on prioritising intervention, the Chief Minister voiced his concerns related to maternal mortality rate (MMR) at 223, which was high compared to the national average (113) in 2018.

“Our approach to address the issue has ensured the overall well-being of mothers and children, which has also led to decline in MMR,” he added.
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