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Bhubaneswar, India, March 04, 2013—
IFC, a member of the World Bank Group, is working in India’s state of Odisha to promote private sector-led growth in the strategic sectors of agribusiness and tourism, catalyzing investments and creating jobs.
Through a three-year partnership, IFC will work with the state government to streamline regulation for investment, identify areas for improvement, and tap into opportunities in the private sector. In agribusiness, the project aims to facilitate investments in food processing and warehousing, storage and cold chain facilities. The project also will help the state develop as a tourism destination.
“With IFC’s experience in facilitating sustainable, private sector-led growth, we aim to develop inclusive and broad-based growth across the entire state in accordance with the 2007 Industrial Policy,” said B.K. Patnaik, Odisha’s Chief Secretary.
The Associated Chambers of Commerce and Industry of India ranks Odisha one of the top investment destinations in India. However, almost all the investment has been in power, mining, and steel. The project will help the state leverage opportunities in the emerging sectors of agribusiness and tourism, both of which have significant potential to generate employment and revenue.
J.K. Mohapatra, Development Commissioner and Additional Chief Secretary Finance said, “once fully implemented, this partnership will help cement Odisha’s status as a premier investment hub across several sectors.”
Thomas Davenport, IFC South Asia Director said, “Through this collaboration, we hope to help the state widen economic opportunities for its citizens by focusing on sectors where the state enjoys a comparative advantage, and is well placed to create jobs. IFC will also work with the government to simplify regulatory requirement for small and medium businesses.”
IFC’s strategy in India is to work in priority states like Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Odisha, Rajasthan, Uttar Pradesh, and West Bengal, and also in the Northeastern states, including Sikkim. IFC is working on a tax simplification project in Bihar, and is supporting Rajasthan in promoting private investments in sectors such as automotive, information technology, solar, and tourism.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
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