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21,899 MoUs in MSME sector signed at Vibrant Gujarat Global Summit 2019

21,899 MoUs in MSME sector signed at Vibrant Gujarat Global Summit 2019

Monday January 21, 2019 , 2 min Read

21,899 Memorandums of Understanding (MoUs) were signed in the MSME sector at Vibrant Gujarat Global Summit 2019 (VGGS), say media reports. This year, the share of MSMEs in total MoU’s signed (28,360) is 77 percent, up from 72 percent last year. Despite the positive step for MSMEs, the State Government refrained from making the value of total investment commitment public.


PTI quoted officials saying, "While the value of all these MoUs was yet to be calculated, a chunk of them - signed between MSMEs and large companies for ancillary services - were worth Rs 3,228 crores. We are still calculating the value of MoUs.”

PD Vaghela, State Commissioner of Commercial Tax, said, “Many of these agreements concern the department of industrial clusters and are about increasing cooperation.”


Nitin Patel, Deputy Chief Minister, Government of Gujarat, said "Investment figures are not important. What needs to be seen is that the summit has now grown into a platform for the global and domestic industry to initiate and strengthen strategic tie-ups.” He added that investment data was being collated.


Jayanthi Ravi, Health Commissioner, said that the Gujarat government signed 375 strategic partnership MoUs in the pharma and health sector. The state government had signed around 130 MoUs with investment commitments of over Rs 56,000 crore in various sectors on the first day of the summit. A majority of MoUs, also called Investment Intentions (IIs), was also signed in the port and transport sector.


Representatives of 39 international chambers of commerce and 24 national chambers of commerce participated in the trade bodies conclave at the event, according to the Gujarat Chamber of Commerce and Industry (GCCI). At the event, GCCI signed MoUs with 13 international and six national chambers for cooperation and joint initiatives for trade promotion.