Financial Daily from THE HINDU group of publications
Wednesday, Jun 15, 2005
Financial Daily from THE HINDU group of publications Wednesday, Jun 15, 2005 |
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Industry & Economy
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Foreign Trade Deshmukh to visit US Our Bureau
Mumbai , June 14 THE Chief Minister of Maharashtra, Mr Vilasrao Deshmukh, is expected to go on a 14-day visit to the US from June 18. He will be part of a delegation of bureaucrats and industry officials to seek multi-national investments in the State. Special attempts will be made to attract biotech companies to invest in Maharashtra. At the global biotech convention `Bio 2005' at Philadelphia, the US, Mr Deshmukh is scheduled to address a country seminar on the biotech opportunities in India. The convention, which will be held from June 19 to June 22, is one the biggest biotech conventions in the world. More than 18,000 CEOs, biotechnology experts, policy makers, venture capitalists and scientists are expected to attend the event. Mr Kapil Sibal, Union Minister of Science and Technology and Ocean Development, will lead the Indian delegation. Members of the Confederation of Indian Industry will also be part of the team.
According to Dr K. S. M. Rao, Managing Director, Ramky Infrastructure Consulting Ltd, Maharashtra will have to give major tax sops to biotech companies if it has to attract investments. Otherwise, Uttaranchal and Himachal Pradesh could be more attractive destinations, given their tax incentive schemes. The cold climate of these States will also be an added attraction, as biological processes are optimal at lower temperatures. "I believe a bulk of biotech companies investments will go to China. Biotech MNCs seek to establish their business in countries with good infrastructure and universities with R&D facilities. India, especially Maharashtra, is lacking in both these areas. Mumbai's roadways are abysmal and the university lacks a good R&D backbone," Dr Rao said.
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