Money > Budget > Budget News & Analysis FEBRUARY 15, 2002 | 13:00 IST    rediff.com 


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Govt's new strategy to woo investors

In a bid to attract more foreign investment, the government intends to start visiting boardrooms of multinational companies to impress them about investing in the country, a strategy so far adopted by east Asian countries.

"We would like to visit your board rooms instead of inviting you to seminars and present the new vibrant India," commerce and industry minister Murasoli Maran said at the 'Destination India' seminar at Hague on Thursday.

Maran said though India was relatively a late-starter in seeking the foreign direct investment, the liberalised policy framework, firmly in place now, welcomed the investment in almost all areas of economic activity and in most sectors through the automatic route.

"There are no trap doors for foreign direct investment anywhere at the central-government level. Of course, some physical operational problems are there, but they are because the destinations of foreign direct investment are states. But now, there is a paradigm shift in the attitude of states. Now, there is a healthy competition among them to woo foreign direct investment ," he said.

Maran invited Dutch companies to invest particularly in telecom, transportation, food processing and services sector.

The minister said there was ample scope for improving bilateral trade between India and Netherlands.

Netherlands' share in India's total exports and imports in the fiscal year 2000-01 was just 1.98 per cent and 0.77 per cent, respectively.

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