The seriousness with which the government is taking the Vibrant Goa Expo and Summit can be gauged by the fact that the Chief Minister Pramod Sawant has opened a temporary office at the summit site. Given that Goa figures quite low in the ease of doing business index and that just recently industry had complained of red tapism holding up investment opportunites, this move demonstrates the new earnestness that the State is showing in industry. The Chief Minister’s assurance two days before the summit could start, that the Investment Promotion Board will now act as a single window for investors in the State, will buoy the hopes of industry, that in the past months has faced a number of setbacks.
Vibrant Goa was announced in October last year, and it has been a year with many a pitfall for industry in the State. Days after the announcement of the event, the Verna Industries Association had gone public with a list of failures of the government in promoting industry in the State and even alleged harassment under the garb of ease of doing business. The association had pointed out that at least 20 new big industries awaiting approval had not been able to achieve them in the given time, and had raised the fear that the industries may move to other States. Just weeks ago, the Chief Executive Officer of the Investment Promotion Board quit claiming that bureaucratic delays was affecting the functioning of the board. In short, it was a red mark to the State for its failure in promoting investment.
Can Vibrant Goa change this? The three-day event has a reputation in other States of having delivered, expecially in Gujarat, the State where it was initiated. In later years Vibrant Gujarat hosted top industry captains, government heads and Nobel laureates from across the world. For that to happen in Goa, a lot will depend on what Goa can offer to the investor. Vibrant Goa will be construed to be a success, if it is able to redefine the business and industrial scene in the State, as well as government attitude towards investment. Can it launch the State on a global platform of business opportunities?
Against the backdrop of the Vibrant Goa summit, it cannot be ignored that the State’s two major employment providers and revenue earners, sectors that have served the exchequer well for decades, are facing the toughest period of their time. The mining sector has been shut since March last year, and promises of restarting operations have remained mere statements. On the other hand, the tourism industry has seen a drop in charter landings, and the grounding of Thomas Cook UK has dealt a further blow on the industry.
The organisers of Vibrant Goa are aware of this. A year ago that had openly admitted at the launch stating, “Mining in Goa is becoming a thing of the past. Traditional tourism is getting stale, our competitiveness in traditional business activities is a question mark. It’s time to embrace change.” The knowledge sessions that the summit will be holding is looking at sustainable mining, at medical and MICE tourism, among other areas. One of the focus areas of Vibrant Goa is pharmaceuticals, which other than IT should be that aim of Goa, as these are environmentally friendly industries.
The success of the summit will depend on what happens not just during these three days, but after October 19. Goa will show case what it produces, will the national and international delegates who come to the summit seek to do business with Goa and in Goa? That will be known by how many of the MoUs that are signed this week turn into binding contracts. It is when this happens that the success of Vibrant Goa could be calculated by pure business economics.
