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If you invest your money in Bengal, you will be a gainer: Mamata Banerjee to UK Inc

Mamata Banerjee at the business meet in London on Tuesday.

Mamata Banerjee on Tuesday made a passionate appeal to the business community in the UK to consider Bengal as an investment destination, the plea capturing her attempt to expand employment opportunities in the state ahead of next year’s Assembly elections.

“If you invest your money in Bengal, you will be a gainer…. We believe in inclusivity and we strive to ensure welfare of all sections of the society, which is one of the biggest strengths of Bengal," the chief minister said at an interactive session on business opportunities in Bengal, organised by the state government in association with the UK India Business Council (UKIBC) and Ficciin London.

“We have enough land and we can provide it if you come up with proper investment plans,” Mamata added, trying to assuage concerns over land availability for industry that has been a hot-potato issue in the state. The anti-land acquisition movements Mamata led in Singur and Nandigram catapulted her to power.

Before Mamata rose to speak, prominent industrialists such as C.K. Dhanuka, Harsh Vardhan Neotia, Umesh Chowdhary and Saswat Goenka shared their experience of running their businesses in the state and invited investors from the UK to explore opportunities in Bengal.

“Whatever they told you was straight from their heart,” Mamata said, thanking the representatives of Bengal Inc for their comments.

Vikram Doraiswami, the Indian high commissioner to the UK, who had organised a formal reception for Mamata at India House in London on Monday, also attended Tuesday’s event.

The state government initiative abroad, with the support of the Indian high commission, marked a new chapter in cooperative federalism, which had been missing amid a conflict between New Delhi and Calcutta on a range of issues, including the Centre’s denial to release funds under various social welfare schemes.

The role of the Indian high commission in organising the event was a talking point at the venue as Mamata had earlier claimed that the Centre did not allow her to visit Chicago and China though she had formal invitations to visit.

Mamata Banerjee at the business meet in London on Tuesday

“There is every reason to look at Bengal as a key player in the India-UK partnership. From the high commissioner, we will do everything possible to facilitate your (UK industry’s) plans to explore opportunities in Bengal,” Doraiswami said at Tuesday’s event, hailing the state’s achievements under Mamata.

When she rose to speak, Mamata thanked Doraiswami, referring to him asher “favourite.”

The Indian high commissioner’s comments were complemented by UKIBC chairman Richard Heald, who outlined how British companies could benefit from increasing trade with and investment in Bengal. He also congratulated the government for creating a business-friendly environment in the state.

“Technology and innovation are the sectors where there can be heightened collaborations between the UK and Bengal. The other sectors include infrastructure, renewable energy, education and healthcare,” said Heald.

“I wish success to the chief minister’s ambition and mission,” he added.

Mamata’s “ambition and mission” revolve around increased investment flow to Bengal, which she needs to address the problem of unemployment, an Achilles heel for the government.

While Mamata has managed to create an impregnable vote bank across rural Bengal with a slew of direct-to-benefit social welfare schemes, her government has drawn criticism from the Opposition for failing to stop growing migration from the state in the absence of proper employment opportunities.

The fact that Mamata is laying special emphasis on promoting Bengal as an investment destination became clear when she insisted on organising the business conclave in London although the main reason behind the UK trip was an invitation from Kellogg College, a constituent of Oxford University. The chief minister will speak on women’s empowerment at the institution on Thursday.

“We held our annual business summit, BGBS, last month. We received investment proposals of more than ₹4 lakh crore this year. And now we are here in London to invite you to come and invest in Bengal,” she said.

“We offer a business-friendly environment with clear policies, offering great investment opportunities. We can bring in more policies to suit your needs. Let us create win-win outcomes,” Mamata added.

The session was attended by over 150 registered participants from diverse sectors such as banking and financial services, technology, consulting, energy, manufacturing, retail and education. The UK companies that were in attendance were Arup, Behold.ai, GEDU, BT, Vesuvius, IAG International Airlines Group and Connected Places Catapult and the Russell Group.