MIDC inks 25 MoUs worth Rs 15,260 crore at Dubai World Expo 2020

Deals are in key sectors such as auto, logistics, EVs, textiles, data centre, pharma, bio-fuels and energy; Japan, Singapore, Sweden, Korea, Germany and Italy among investing nations

At the ongoing World Expo 2020 being held in Dubai, Maharashtra Industrial Development Corporation (MIDC) signed 25 MoU’s on Saturday with a proposed investment of almost Rs 15,260 crore ($2 billion) under Magnetic Maharashtra 2.0.

With this, Magnetic Maharashtra 2.0 was in its seventh edition and its first international edition.

The memorandum of understanding (MoUs) signed are in key sectors such as auto and auto components, logistics, electric vehicles, textiles, data centre, pharma, bio-fuels and energy, said MIDC in its release.

This proposed investment would have potential direct employment generation for 10,851 people.

Companies looking to invest in Maharashtra are from Japan, Singapore, Sweden, Korea, Germany and Italy, it said.

The Maharashtra government is participating in Dubai expo between November 19, 2021 and 2nd December 2021 and has a delegation led by Minister of Industries, Subhash Desai, joined by other seniors of Industries department between the 19th and 21st of November 2021, said the release.

Maharashtra has seen an increase in its foreign direct investment (FDI) inflow from Rs 2,543 crore in 2004-05 to Rs 79,216 crore in 2019-20 and is a strong contributor to the total FDI flowing into the country.