The policy declared for the North East under the Vision 2020 initiative of the
North eastern Council(NEC)is bold and if properly implemented will undoubtedly
give a new lease of life to the region,which till now has been economically backward. However it is also a fact that any proper implementation
will also require private investments. The most viable is
to seek NRI fundings for the region.The salient features of any investment in the region can be based on the following parameters.
Characteristics of Development Investment
At the end of 1991, the Government of India decided to establish Economic liberalisation policies to support and strengthen the overall process of the nation’s economic growth. Today in conformity with the liberalisation of the economy, economic and technological development zones have been established in all the main industrial cities; all the regional states from coastal region to inland, have become the most flourishing economic areas except the NE States . These Economic and Technological Development policy initiatives were also areas with the largest foreign investment and the highest economic growth in India.Read more on this at http://articles.latimes.com/2008/may/29/business/fi-india29.
In view of the need for accelerated growth believe that the future of the region’s Development Area will be more excellent through economic development zones with special supports of Investment finance through NRI/OCB. the main areas of investment are:
Infrastructure
Agriculture,Forestry, Husbandry, Fishery
Metallurgy & Mining Industry
Foodstuff & Light Industry
Service & Agency
High New Science Technology
Petroleum & Chemical Industry
Apparel & Textile
Education & Training
Electronics & Information
Mechanical & Engineering Industry
Medical & Health
Commerce & Restaurant
Information Industry
Environmental Protection
Arts, Crafts, Sports, Office, Supplies
Business and Property Right
Transportation
Building Materials
Finance & Insurance
Places for Renting
Water & Electricity, Energy
Real Estate
Tourism & Recreation
Meghalaya is one of the states that can offer a congenial inestment environment due to its location and accessibility coupled with a more disciplined financial management in the state.
Meghalaya,lies in the heart of the North East is now poised to take its place as an investment destination in the region. In this region, it is the only state which offers an investment climate that is conducive even to foreign investors.
Meghalaya is central to the region, which accounts for its easy accessibility to other capital cities and international gateways, and to potential markets. It is the closest state to Bangladesh, now the industrial and commercial center of southern Asia.
As with its strategic location, Meghalaya also establishes itself as the most progressive state in matters of administration, transparency and accountability. Despite the generally volatile situation in the entire region, it has ensured an environment of peace and stability.
Wealth of Natural Resources, Seat of History and Culture
Meghalaya is home to rare and endangered flora and fauna, including unique geological formations, which never ceases to amaze.
Local traditions have created a rich tapestry of history and culture. These are vibrantly expressed in the music, dance, poetry, crafts, cuisine, in the fiestas; and experienced in the well-preserved heritage structures and sites.
Quality Manpower
The primary asset is its people, with the distinctive quality traits of hospitality, friendliness, dedication to work, industry and self- reliance. Literacy rate is high at 87%, with English as the medium of instruction in education and business. The population includes a highly trainable human resource, making up a dynamic Quality manpower pool to potentially supplement growing technological and enterprise market demands.
Infrastructure Support
Meghalaya is one of the states in the region that has recognized the need to provide necessary infrastructure facilities for a growing population and the increasing demand of commerce and industry. Basic infrastructures like Water and power services have greatly improved. The power projects with capacity for reserved power highlights the focus of the government. The national highways and border roads that link to remote centers have increasingly provided efficient access and transport of people, goods and services.
With the support of NRI finance investments, the state can initiate major development in these sectors without the concern for creation of liabilities and shortage of infrastructure fund. As an overall impact it would enable the capacity to adopt joint venture project between the state Government and private partners ensuring asset creation, revenue generation and increased outflow/inflow of trade and commerce.
Investment Opportunities
Tourism
• Accommodation Facilities
• Health and wellness tourism facilities
• Diagnostic, treatment, rehabilitation and spa facilities
• Retirement villages
• Housing, with integrated facilities an nursing and care-taking, community activities, shopping
• Restaurants / Food outlets
• Nature parks
• Golf course
• Transportation Services
• Other tourism-related services
Agri-business
• High-value crop production
• Aquaculture
• Resource-based agri-processing industries
• Coconut, mango, ube, aquamarine products, and others
• Post-harvest facilities
• Commercial tree farming
IT Services
• Business process outsourcing (BPO)- Non-voice
• Medical transcription
• Legal, financial, engineering and architectural services, etc.
• Manpower training facilities
Light Manufacturing
• Precision assembly / semi-conductors
• Furniture / Furnishings
• Garments
• Farm implements
Services
• Media / Advertising
• Medical services / facilities
• Financial, engineering, architectural services
• Training and sports facilities
Energy
• Development of Indigenous/Renewable Power Source
• Human Resources Development
• Power Generation, transmission and other activities using environment-friendly technologies
Active partnerships with global institutions, non-governmental and grassroots organizations and the private sector are a vital part of developing investment in this state.
What is required is a policy to maintains commitment to local ownership and management. The North East Region of India has a strategic location in the Asian trade and commerce sector and this asset has to be transformed into one of the major business destinations for the ASEAN communities.
In short the time has come when the overview of the economy has to be linked to acceleration of private investment and the most viable and non debt creating mechanism is that of foreign investments especially from NRI sources who have a commitment to building India's economy. For too long we have neen ignored and the time has come for us to take our rightful place in the world by opening our doors to friends who are willing to help,
Regards,
Erwin
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