MSMEs to sign 16k MoUs at VGGS 2017

GANDHINAGAR: Notwithstanding the adverse impact of demonetisation on their businesses, micro, small and medium enterprises ( MSMEs) have come up with highest number of investment proposals to be signed at the Vibrant Gujarat Global Summit-2017, next week.

According to sources, MSMEs have lined up 16,634 memorandums of understanding (MoU) for the 8th edition of the biennial summit. With final tally slated to be announced at the valedictory session of the event on January 11, the number is expected to rise further.

The previous installment of the summit in 2015 had also received overwhelming support from the MSME sector which signed 17,081 MoUs and proposed investments crossing Rs 1 lakh crore. Unlike large and mega projects, according to experts, the project implementation ratio of small industries is much better than bigger ones.

As many as 215 industrial units in Vatva have decided to ink MoUs worth Rs 1,000 crore during the summit. After the removal of moratorium on Vatva, Vapi and Ankleshwar, chemical companies operating in the area have embarked on an expansion drive. In addition to this, 250 units from Naroda industrial area in Ahmedabad will also be signing MoUs to the tune of Rs 700 crore.

After MSMEs, 1,431 proposals, the second-highest number, have come from the urban development sector. This is followed by animal husbandry, fisheries and co-operation (422), mineral-based projects (396), rural development (379) and agro and food processing (328).