The Jharkhand government is planning to set up a federation for the benefit of forest producers.

Chief minister Hemant Soren revealed the plan on Friday while laying the foundation stone for a World Trade Center (WTC) here.

“There is a lot of potential in the forest products in the state. It has been noticed that due to the lack of a market for local products, people sell them at very low prices while big companies at much higher prices sell the same products and people are buying it across the country. The government is working on setting up a federation for such forest producers to provide them a proper market and help them get good income directly,” Hemant said.

The chief minister further said that setting up of the World Trade Center would be another effort on the part of the state government to provide industrial and business connectivity of the local entrepreneurs and traders with the country and world.

“All the activities related to international trade, especially export promotion, will be conducted under one roof in the World Trade Center (WTC) and it will play an important role in strengthening the economic activities here. I have asked the industry department and the contractors to ensure that the work is completed in the scheduled time of two years,” he said.

Hemant lights a lamp to inaugurate the event. Manob Chowdhury

Significantly, the main building (G+4) structure of the WTC will come up at a cost of Rs 47.03 crore (Rs 27.42 crore from the state and Rs 19.61 crore from Center) with seminar halls, conference halls and convention centre.

The multi-storied WTC will have all facilities for international trade such as a regional office of the foreign directorate, Indian exports related offices, currency exchange, display area, and seminar halls will be there under one roof.

Facilities for air cargo, ship container and export management will also be available. Companies doing business internationally will also get space for the display and promotion of their products.

“It will boost the state’s industrial aspirations and attract investments. The infrastructure will act as a one-stop-centre for all the businessmen interested in globalising their business. Jharkhand already exports steel, auto parts, tussar, tamarind and lac to foreign shores. The WTC will also provide space to multinational companies to exhibit and promote their products. Currently, less than one per cent of trade is being exported from the state, despite vast potential in the field of food processing, textiles, minerals and more,” said an official of the state industry department.

There will be space for exhibitions.

Jharkhand Industries Development Corporation (JIDCO) will be the executing agency for the project.

As of now, WTC are in Mumbai, Calcutta, Lucknow and Kochi.

On the occasion an agreement was inked between state industry department and SIDBI (Small Industries Development Bank of India) through which assistance will be provided through SIDBI to develop industrial infrastructure and set up industries in the state. On this occasion, 515 beneficiaries were given capital of about Rs 1.87 crore as seed capital assistance under PMFMI (Pradhan Mantri Formalisation of Micro food processing Enterprises) scheme.