Odisha to seek ASIDE funds for WTC

WTC has been envisioned as commercial centre to promote trade related activities

The Odisha government has decided to move the Union commerce ministry to sanction funds under 'Assistance to States for Infrastructure Development of Exports (ASIDE)' scheme for the World Trade Centre (WTC) proposed in the city.

The state government will seek funding support from the Centre since the WTC implementation needs an investment of around Rs 300 crore.

The decision was taken at a recent meeting of the State Level Export Promotion Committee (SLEPC) chaired by chief secretary J K Mohapatra.

An empowered panel on infrastructure of the state government had recently given its in-principle nod to the establishment of the WTC in the city.

The WTC has been envisioned as a commercial centre to promote trade related activities.

The location for WTC has been finalized. The centre will be set up on an area of 25 acres of land identified behind the Fortune Towers. A convention centre will also be established as part of the project for hosting conferences. The government will appoint a transaction advisor to chalk out the project modalities.

Mumbai-based M Visvesvaraya Industrial Research & Development Centre (MVIRDC) has been selected as a co-promoter for developing the WTC in collaboration with Odisha Industrial Infrastructure Development Corporation (Idco). Both MVIRDC and Idco are to sign a memorandum of understanding (MoU), a draft of which is ready. MVIRDC was selected on the ground that it has the required license for establishment of a WTC in Bhubaneswar.

The finance department has suggested that both Idco and MVIRDC should have equal rights in the management of the company.