World Food India 2017 Raises Investment Worth $19B For The Food Processing Industry
Three days of celebrating India’s rich cuisine and food processing sector came to an end yesterday at the World Food India 2017. The mega-event was as successful one and probably ended up achieving more than it had set out for. For instance, the milestone 918 kilograms of record breaking khichdi and it being crowned “Brand India Food”.
Image Source: PTI
But that’s not all, WFI managed to rake in some serious dough (pun intended) as well.
Food Processing Looking Up
The event concluded with an investment commitment of $19 billion in 50 MoUs (Memorandum of Understanding) signed. Many participants admitted that this would help bringing focus on India’s food processing sector. According to Food Processing Industries Minister Harsimrat Kaur Badal, this investment includes commitment worth $11.25 billion by the private sector.
Of the aforementioned amount, about $2.5 billion worth of MoUs have been signed between state governments and stakeholders, with Punjab and Haryana getting a bulk of the investment.
Meanwhile, the US, the UAE, Germany, the Netherlands and France have announced big amount of investments in the country’s food processing sector, Badal said adding that a special cell has been formed that will ensure that each of the 50 memoranda of understandings (MoUs) signed materializes at the ground level and helps boost food processing levels from the current 10 per cent.
Y.S. Prasad, CEO of the state Industry Departments’ Food Processing Society, said the government had planned 12 food parks in addition to the Central government’s plan of 42 such parks across the country. “We have signed a MoU with Japan during the conference. Also, Sri Lanka has shown interest in investing in our state,” Prasad told IANS.
The three-day affair saw participation of 10,000 partakers and 50 global CEOs from 60 countries. Further, over 8,000 business to business (B2B) and business to government (B2G) meetings were held.