MIDC signs Rs 15,260 cr MoU at World Expo 2020 in Dubai

On Saturday, Maharashtra Industrial Development Corporation (MIDC), at the ongoing World Expo 2020 being conducted in Dubai, inked 25 MoU’s with a planned investment of approximately Rs 15,260 crore under Magnetic Maharashtra 2.0. Magnetic Maharashtra 2.0 was in its seventh edition with this and its first international edition. MIDC told the media that the memorandum of understanding (MoUs) inked are in essential sectors like logistics, auto and auto components, textiles, electric vehicles, pharma, data centre, biofuels and energy. This planned investment would have potential direct employment creation for 10,851 people. Firms planning to fund in Maharashtra are from Singapore, Japan, Sweden, Germany, Korea and Italy. The Maharashtra government is engaging in the Dubai expo between November 19, 2021, and 2nd December 2021 and has a delegation headed by Minister of Industries, Subhash Desai, accompanied by other seniors of the Industries department between the 19th and 21st of November 2021. Maharashtra has witnessed a surge 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 powerful contributor to the total FDI flowing into the nation. Image Source