Business

CII initiative to promote foreign investment

By Our Special Correspondent

NEW DELHI JUNE 26. Identifying foreign direct investment (FDI) as one of the key devices of growth, the Confederation of Indian Industry (CII) has embarked on a new initiative called the Invest India Services in its website to help encourage investment and technology flows and promote and facilitate greater foreign participation in all the sectors of the economy.

The web page would, on the one hand, act as an information window on foreign investment policy of the Government, while on the other, it would offer specialised services to investors to ease the process of investment in a large and complex economy. Also, a special FDI advisory panel would provide expert advisory services to investors on policies and procedures and help in contacting the nodal agencies. In addition, CII's network of 33 offices in India and ten overseas offices would also provide `escort services' to foreign investors.

According to CII, Invest India Services would thus complement the Government's efforts in facilitating foreign investment and help investors in their search for new revenues, lower costs, quality and talent opportunities in India. The launch of the Invest India Services has received overwhelming appreciation from both the Government and the industry.

Applauding the initiative of CII to launch the Invest India Services project, Murasoli Maran, Union Minister of Commerce and Industry, in his message said this project would help foreign investment community in key decision-making process, which in turn, would contribute to enhanced FDI inflows into India. He further said that CII had taken the laudable initiative to launch the project providing information on the country's economy, investment climate in various States, potential areas for investment on an exclusive website designed for the purpose.

Similarly, while welcoming the initiative, Shashank, Secretary, Economic Affairs, Ministry of External Affairs, has also welcomed the launch of Invest India Services on CII's website.

He said though economic diplomacy had always been an integral part of India's foreign policy, its relevance had been enhanced with liberalisation and globalisation of the economy. Thus greater flow of information and investments between India and the rest of the world had become an important priority for economic diplomacy, he pointed out.

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