Over half of MoUs signed at Vibrant Gujarat are green

The government of Gujarat has signed Memorandums of Understanding (MoUs) worth $86.07 billion with 58 companies as part of the ongoing Vibrant Gujarat Summit.

The Tenth Vibrant Gujarat Global Summit 2024 kicked off in Gandhinagar. The event is scheduled to be held from January 10 to 12, 2024 and the theme is Gateway to the Future. The Vibrant Gujarat Summit is part of the Gujarat government’s larger push to boost investment in the state and accelerate the Aatmanirbhar Bharat and Viksit Bharat @ 2047 vision.

The event was inaugurated by Prime Minister Narendra Modi and had the participation of several heads of state, including the President of the United Arab Emirates (UAE), Mohammed bin Zayed Al Nahyan as the Chief Guest and President Filipe Jacinto Nyusi of the Republic of Mozambique as a special guest.

In his inaugural address, Gujarat Chief Minister Bhupendra Patel said that more than 50 percent of MOUs signed in the state are green MoUs. Chief Minister Patel said that Gujarat is a policy-driven state and is committed to its policies and believes in honouring commitments. Semiconductors, green hydrogen, renewable energy, electronics, MSMEs, and electric mobility are some of the focus areas for the summit.

 According to industry estimates, the state’s automotive sector is now valued at $3 billion, with Gujarat exporting automobiles and auto components with over eight lakh vehicles exported in the fiscal year 2020-21.

The Vibrant Gujarat Summit is likely to attract investments with a focus on emerging sectors like semiconductors, green hydrogen, e-mobility, renewable energy and FinTech, among others. The event will have seminars and conferences on technology and innovation, drivers of inclusive growth, semiconductors, electronics, and EV start-ups.

 On the final day of the summit, seminars and conferences on subjects including circular de-carbonisation of the economy and going towards Net Zero through carbon trading, waste-to-energy recycling, opportunities in circular de-carbonisation of the economy and conferences are expected to be organised.

 Some of the other major investments in green energy in the state include that of power company NTPC.  NTPC is planning an additional $8.40 billion investment in fuel cell electric vehicle mobility, hydrogen blending with natural gas, green chemical production such as ammonia and methanol and five GW hydrogen-based energy storage projects. NTPC is conducting a pilot project at its Kawas Township in Surat, Gujarat, as India’s first green hydrogen blending with natural gas project.

 Other companies that have signed up with the Gujarat government include Nexzu Mobility, which has signed a Memorandum of Understanding (MoU) with the Gujarat government to develop what it claims is India’s first-ever Smart EV Park at a cost of over Rs 5,000 crore over the next ten years.

Wardwizard Innovations and Mobility, the maker of the ‘Joy e-bike’ brand in India, has also signed an MoU with the Government of Gujarat to invest Rs 2,000 crore in the development of an electric vehicle ancillary cluster by 2024. The MoU includes research and development of electric two- and three-wheelers, the establishment of a motor assembly at the Vadodara facility, the production of li-ion cells, and the development of ancillaries for raw material manufacturing.

 The establishment of the Dholera Special Investment Region and the Delhi-Mumbai industrial corridor is likely to reduce the distance between the state and India’s financial and political capital and boost investments in the state.

 Currently, the UAE stands as the seventh-largest investor in India in terms of foreign direct investment (FDI).

Countries participating in the summit include Australia, Bangladesh, the Czech Republic, Egypt, Estonia, Finland, Germany, Indonesia, Japan, Kenya, Malaysia, Malta, Morocco, Mozambique, Nepal, the Netherlands, Norway, Poland, the Republic of Korea, Rwanda, Singapore, Tanzania, Thailand, the UAE, the United Kingdom, Uruguay, Ghana, and Vietnam.