After two US-based companies expressed their interest in setting up their base in Goa, Indo-American Chamber of Commerce (IACC) west India president Naushad Panjwani said that Goa should look to attract more foreign investments. They should use their relations with Mumbai and Gujarat to leverage the companies based there to set up in Goa as well.
Panjwani conveyed the interest expressed by the two US companies to the CM Pramod Sawant and advised him to look towards industry-heavy areas to bring in more investors to the state.
According to Panjwani, foreign companies that are looking to invest somewhere would feel more comfortable if they are in a cluster of companies from the same place. So instead of pitching to one company, Goa should focus on clusters of companies to maximize their investment potential.
Goa can bring in more investors if they play their cards right and increase the ease of doing business with them. Goa should work on developing relations with their neighbouring states Maharashtra and Gujarat, stated Panjwani.
Gujarat and Maharashtra are strategically positioned which makes them the best places to invest in. They have big ports and have great connectivity in terms of roads and railways. Goa can use this to its advantage.
“Gujarat and Maharashtra are already the top two states in India. Goa can leverage that by aligning with these two states. For example, if a foreign company has a unit in Gujarat or Maharashtra and wants to set up another unit then Goa should be the ideal location,” Panjwani said.
Panjwani said that to develop more industrial investments Goa needs to create a more favorable business climate by passing better labour laws, single-window clearances, make quality land available for development, and construct clusters like the Tuem ESDM park and the maritime cluster.
Adding to this, Goa would also need to be ready for the heavy migration that will come with the establishment of new industries and be able to provide the skilled manpower required.
As such, an envoy from the IACC is predicted to meet CM Sawant to discuss the ways to bring in more foreign investments from the US. Goa can use its robust tourism industry to bring more allied investments to the state. “Goa has been underutilized in a sense that it is the tourism capital of India but not projected in that sense. It is a question of branding, he said