Chief Minister Conrad K Sangma on Saturday said Meghalaya is set to attract private investments amounting to Rs 8,000 crore in the current fiscal, attributing this to a new industrial policy aimed at transforming the state into a USD 10 billion economy.

"The investment in Meghalaya is an outcome of the new industrial policy that has created an ecosystem for ease of doing business," he said while addressing a workshop on the 'Human Development Leadership Programme' in Tura.

Discussing past policies that discouraged investors, Sangma noted, "The system was tedious and time-consuming. Our new industrial policy has provided a framework to give clearance to different statutory requirements within a specified time frame, which is facilitating investors".

He revealed that nearly Rs 4,000 crore in investment has been secured in the past year alone. This includes a Rs 2,500-crore thermal power plant to generate 450 megawatt of electricity, an ethanol plant, a beverage manufacturing unit, and a five-star hotel chain, he added.

On boosting IT connectivity in the state, Sangma informed that the government is engaging with Malaysian and Bangladeshi telecom companies to lay submarine cable lines. "The optical fibre connection will further boost the IT-enabled service sector," he said.

The CM also highlighted new five-star hotel projects in Shillong, Sohra, and Umiam, and a three-star hotel in Tura, all through private investments. He said these hotels will promote a business-friendly environment and provide job opportunities for the youth.

"Hotels, air connectivity, and high-speed internet will encourage more IT companies to set up their enterprises in the state. The Shillong IT Park has provided jobs to more than 3,000 youths directly and indirectly, and many more companies have expressed their keen desire to set up BPOs in the state," he said.

"Companies are now shifting their focus from cities like Bengaluru and Hyderabad to our state, as they know that we have the human resources and the capacity. Our people have good command over languages and work ethics, which is an added advantage," the Chief Minister added.

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