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Business effect of BRICS summit on Goa

Posted by: nt October 17, 2016 in B & C
The business delegation from China looked the most eager among BRICS member nations to
invest in Goa. It is a positive fall-out of the summit, says Shoma Patnaik
While political pacts are a major purpose of the BRICS summit, strengthening intra- trade
between member nations is another important agenda of it. The summit concluded yesterday
in south Goa with Prime Minister, Narendra Modi, urging member countries to increase trade.
He said that business communities are the strongest proponents for closer and faster
commercial cooperation among BRICS and that member countries need to boost trade
between them. Current trade between the five nations is US $ 297 billion (as on 2014). It
needs to be doubled to US$ 500 billion by 2020, emphasized Modi.
Meanwhile for Goa the BRICS summit was super effective for number of reasons. It
increased occupancy of hotel rooms and cheered up the hospitality industry considerably.
Other small businesses also benefited from the summit. But the most encouraging news that
emerged from BRICS is that China showed real willingness to do business with Goa.
While rest of BRICS nations spoke of broad business ties, China actually had Goa centric
plans. It is the top-most contender for fulfilling the goal of making Goa an industrial state.
China is willing to pump in big-time funds into Goa and they are looking at investing at
multiple levels. The Chinese companies are eager for tie-ups, joint ventures and partnerships
with local companies be it a small unit.
About 15 businessmen from China arrived in Goa for B2B meetings and they did factory
visits as well as met up with local industrialists in a meeting organized by the Goa Chamber
of Commerce and Industry (GCCI). The Chinese want to set up manufacturing in Goa. They
have specific sectors in mind and arrived to understand the local business climate, says RS
Kamat, director general, GCCI.
The business meeting between Goan and Chinese businessmen is not the first as we have
been in contact previously. Members from local industry visited China recently, pointed out
Kamat.
Goa is a small player in Indian industry and most of the local industry is made up of micro
and small units but the Chinese clearly see a business opportunity in the state. The sectors
that they are looking at are 3-D printing devices, IT, infrastructure projects, high end tourism,
among others.
The Chinese business delegation trip was organized by the Sino India Trade & Culture
Promotion Council and the bodys chairman, Paul Cho Kwai Shun, said that, China is eager
to bring its own raw material and funding. We want to share expertise and collaborate in
design with Goan companies, said Shun. China has investments worth US$ 300 million for
Goa, he said. If all the plans fructify China could be the game changer in the investor
proposals of the Goa Investment Board.
According to experts in industry, Chinas association with Goa is an old one. The links are
strong in the mining industry where 90 per cent of the iron ore mined by companies was to
China. Demand for low-grade ore from China led to ore exports booming in 2010 to 2012
and companies made bumper profits. Today when China is no longer buying ore the mining
industry is in doldrums.
In a session on investment opportunities by states in the BRICS Trade Fair and the BRICS
Business Forum the government of Goa highlighted that Startup Goa has been launched as a
grassroots initiative to sprout tech companies from Goan soil.
Goa is a tourism destination hence new tourism services have been initiated to boost tourism
in the state. Officials also pitched for investments in research & development, engineering
design and technology solutions, manufacturing of components.

The Chinese are comfortable dealing with Goans. They love our state for being beautiful and
find it peaceful vis--vis other states. The fact that Goa has a stable government works in its
favour. Chinese industry is not looking at Goa as a market. For them the world is their
market. Whatever they produce in Goa will go out to the rest of the world and India. In the
past China dealt with Goa for iron ore purchases but currently their business interest in the
state is deeper than what is generally known. Chinese companies have stakes in several large
and small companies.
Manguirish Pai Raikar, board member of Ministry of MSME

The main focus of the Chinese business delegation appeared to be in established industry.
However Chinese presence in India is strong in the IT industry. There are lots of investors
from China who have acquired stake or have put in equity funding in start-ups. China is
pretty active in the mobile ad technology space which is the area of operations of my
company. About 60 per cent of my business is presently from China and we regularly travel
to the country for trade shows. There is a lot of scope for Chinese to partner Goas start-ups,
Tyrone DSouza, MD and partner, Mobobeat

Goa has good connectivity with outside which is why the Chinese are looking at us. We have
airport-port-rail-and-road connectivity and that is a huge advantage. At the end of the day the
travel and tourism industry has lot to gain from the linkages. Chinese businessmen will need
flight bookings, accommodation, local conveyance. The state government also stands to gain
from taxes and employment generation. Goas small size cannot be an obstacle to the Chinese
interest because as investors they are only looking as the quality. As long as quality is
maintained they have no issues in investing,
Peter Pinto, CEO, Neha Travels
Goa is a tourist state. We want to create infrastructure in the concept of smart city. We have
raw material and can offer full production line. In return we are looking at skilled labour,
Paul Cho Kwai Shun, chairman, SITCPC