Countdown begins for Vibrant Gujarat summit; all eyes on GIFT City, DREAM City, Dholera and Musk

The excitement is palpable this year as the government will get to showcase three smart city projects — the Gujarat Industrial Finance Tec-City (GIFT) City in Gandhinagar, the Diamond Research and Mercantile (DREAM) City in Surat, and Dholera in Ahmedabad district. With senior officials hinting at Tesla CEO Elon Musk’s possible participation, all eyes are on this biennial investment summit, the first after the Covid pandemic.

Gujarat government spokesperson and senior minister Rushikesh Patel said talks are ongoing with Musk to encourage Tesla investment in the state. The summit will run from January 10 to 12, with a shift in focus from traditional sectors like MSME, chemicals, and pharmaceuticals to emerging ones for a “first-mover advantage”, including semiconductors, aircraft manufacturing, green hydrogen, and space-related manufacturing.

Gujarat Industrial Development Corporation Vice-Chairman & Managing Director Rahul Gupta stated that the state is orienting policies, infrastructure, and ecosystem to seize these opportunities. On promoting iconic projects like GIFT City, Dholera, and DREAM City, Gupta explained that this year the government is presenting them together as a single focused segment to attract investors.

GIFT City

GIFT City remains a centerpiece of the summit with added attractions for investors, including the International Financial Services Centres Authority (IFSCA), a unified regulator established in 2020, and initiatives to strengthen social infrastructure. A notable feature will be the proposed “GIFT Eye”, modeled after the London Eye along the Sabarmati Riverfront, complemented by food courts and recreational zones.

Having achieved USD 1 billion in revenue in FY22-23 and targeting USD 20-25 billion by FY30, GIFT City has identified nearly 20 opportunity areas across sectors like banking, fund management, capital markets, insurance, global in-house centres, and fintech. The presence of Lilavati Hospital, IBM, Bank of America, and potential new players such as Google is expected to further boost investor confidence.

Prime Minister Narendra Modi outlined long-term focus areas including climate finance, aircraft and ship leasing, and fintech innovation, positioning GIFT City as a potential global leader in these sectors.

Partner Countries

At least 28 countries, including Australia, Japan, UAE, UK, Vietnam, and more, have confirmed their partnership for VGGS. Partner countries enjoy special benefits like free space to hold seminars and ministerial delegations, promoting industrial potential and investment opportunities in their regions.

“From a one-time event, the Vibrant Gujarat Global Summit has become an institution,” tweeted the office of Chief Minister Bhupendra Patel. The upcoming VGGS is strategically timed ahead of the Lok Sabha elections, highlighting Gujarat’s industrial prominence.

What is New?

Unlike previous editions concentrated in Gandhinagar and Ahmedabad, VGGS 2024 events are spread across multiple districts to increase participation. Under the “Vibrant Gujarat, Vibrant District” initiative, industrialists, associations, chambers, and stakeholders from each district are brought together to chart future roadmaps, discover opportunities, and explore foreign markets. Local industries are also signing MoUs under this initiative.

The “MoU Plus” approach focuses on checking land availability and techno-commercial feasibility before finalizing projects, ensuring a higher implementation ratio for agreements while maintaining flexibility for specific cases.