The ‘Goa Investment Summit 2015 – A Prelude’ was a good move on the part of the State government. It proves to the industry that the State means business where investment is concerned. But if the State has taken this one step forward in making Goa attractive to investors, there are many more that need to be taken as it moves to the ultimate aim of 50,000 jobs and Rs 25,000 crore in investments that it set itself as a target in its Investment Policy 2014.
Speaking at the summit, Chief Minister Laxmikant Parsekar made the right statements saying that the state was investor friendly and would provide high quality logistic infrastructure to the industries. Any group intending to invest in Goa would be looking for just this. What turns potential investors away is the hurdles that crop up on the path to starting a business. If the government can promise that the process would be smooth and keep that promise then surely investors will look at Goa as a possible destination for their industry.
Another area where the chief minister scored was when he said that the government has decided to focus on knowledge-based industries. This is the best sector for Goa to aim for. In the past the State has said no to polluting industries and those that require large amounts of land. Knowledge-based industries would serve the purpose of providing employment and raising investment without the pollution bogey cropping up. Some of the industries the chief minister mentioned were pharmaceuticals, bio-technology and integrated educational hubs. While the pharmaceutical industry is already well established in the State, bio-technology needs a boost, while educational hubs would have to be started from scratch. All three would be welcome in Goa.
The prelude to the summit came at the right time as in the past Goa has not been terribly successful in attracting investment, except in the tourism industry. That has to change if future employment needs are to be met. Tourism has always been a fickle industry, and this season Goa is seeing just how unreliable it can be. To ensure sustainable employment opportunities, the State has to open itself to other industries.
The State has the time to plan for the full-fledged summit that is scheduled for November this year. The Investment Promotion Board will not only have to get on the job right away, but the chief executive officer (CEO) to the board will have to be appointed posthaste.
It was expected that the CEO of the Investment Promotion Board would assume charge last month, but that didn’t happen. The simple reason for this is that the selection process has not been completed. Such delays do not augur well for industry.
There are also concerns that from the applications received for the post of CEO of the Board there may not be many individuals who would be suitable for the post. This is one position that the government should not compromise on when filling up. The CEO of the Investment Promotion Board will be the face of Goa in the Indian industry, the man or woman who sells Goa as a destination for setting up industry.
Corporate India is very professional and needs to be treated similarly. The selection of the CEO cannot be based only on educational qualifications and years of work experience. Many can possess that and flaunt it. The CEO of the IPB should be somebody who also possesses the requisite experience and the skill to interact with the country’s and the world’s top business tycoons.
As Goa begins to woo industry in India and the world, it could take a few tips from other states on how they promote their industry-friendly environment. Last month Gujarat had its annual ‘Vibrant Gujarat Summit’ that brought potential investors to the state from across India and other countries too. It was a huge success that gave the state pledges of Rs 25 lakh crore of investment. The State also needs to coin an interesting and catchy slogan, in the manner in which West Bengal has done. It’s ‘Come to Bengal, ride the growth’ places the State as already on the path of industrial progress. Goa needs something like this to give it the competitive edge when it comes to attracting investment.
