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MoFPI expects investments in excess of $10 billion at World Food Summit
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Tuesday, 17 October, 2017, 08 : 00 AM [IST]
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Ashwani Maindola, New Delhi
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The Ministry of Food Processing Industries (MoFPI) expects investments exceeding $10 billion through agreements into the food processing industries at the World Food India’ Summit, which will take place at New Delhi’s Vigyan Bhawan between November 3 and 5, 2017, and be inaugurated by prime minister Narendra Modi. The investments would be made in such sub-sectors of the industry as cold chain, processing, dairy, marine, etc.
This was stated at the New Delhi curtain raiser for the event by Harsimrat Kaur Badal, minister for food processing industries. She added that the investors have already pledged investing $10 billion in the entire chain, from farm to fork, and the figure could spike further, given the interest the event has generated amongst the global food industry leadership.
“Meanwhile, the final announcement will be made during the World Food Summit,” Badal stated. She added that this investment would generate nearly one million jobs in the next three years. The minister said, “With a population of 1.3 billion and growing consumer demand, India provides immense opportunities to the investors to create strategic partnerships.”
According to sources, some of the global giants interested in investment in the food processing sector couldn’t announce the same as they will be having their board meetings in the first half of November 2017. “If these proposals get the nod from the companies’ boards, it would result in a huge investment in the sector, almost doubling the amount, which is approximately $20 billion.
Meanwhile, the ministry has stated that about 30 countries were expected to participate in the event, of which Italy, Japan, the Netherlands, Denmark and Germany are the partner countries. Moreover, the 28 Indian states are also expected to be part of the event, which will witness the participation of over 200 companies, 18 delegations and 50-plus global chief executive officers.
“Another highlight of the event is Food Street, curated by chef Sanjeev Kapoor, brand ambassador for the zone, an experimental platform that will bring together culinary practices, flavours and fragrances from the world’s cuisines, alongside Indian cuisine,” stated MoFPI. World Food India will also host the CEO Roundtable with the prime minister and the finance minister on the sidelines of the event.
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