Modi At Global Fintech Forum: Great Convergence Of Brilliant Minds In Finance & Tech

Jeffrey Chun: In a collaboration with Micron on a project in the state of Gujarat, Simmtech serves as a crucial supply chain partner in semiconductor assembly and test facilities; Suzuki Group will have collaboration with National Dairy Development Board and Banas Dairy in the production of Biogas.

Prime Minister Shri Narendra Modi interacted with prominent business leaders who attended the Global FinTech Leadership Forum


FinTech BizNews Service

Mumbai, January 11, 2024: The Global FinTech Leadership Forum was organised as part of the Vibrant Gujarat Global Summit 2024 at GIFT City on Wednesday. Prime Minister Shri Narendra Modi interacted with prominent business leaders who attended the Global FinTech Leadership Forum.

PM Modi later on Tweeted: It was a great convergence of brilliant minds in finance & technology, discussing innovative solutions for the digital economy. It is truly exciting to see how FinTech is reshaping our world.

Global business leaders praised PM's visionary approach at the 10th edition of Vibrant Gujarat Global Summit (VGGS) 2024.

Toshihiro Suzuki

President of Suzuki, Toshihiro Suzuki, stated that the automobile industry has come a long way under the leadership of Prime Minister Narendra Modi over the last 10 years, leading to the rise in automobile production in the country. Mr. Suzuki said that India has now become the third-largest automobile market in the world, highlighting the impact of the Prime Minister's progressive approach to the economic development of the country.

He assured the reduction of greenhouse emissions through the production of ethanol, green hydrogen, and Biogas from cow dung. Additionally, he announced collaboration between Suzuki, the Group National Dairy Development Board, and Banas Dairy in the production of Biogas. Suzuki has commenced the construction of four biogas plants in Gujarat, he added.

Jeffrey Chun

Jeffrey Chun, the CEO of Simmtech in South Korea, conveyed his delight and eagerness regarding their India project, which involves co-location investment. This initiative follows their collaboration with the major customer Micron on a project in the state of Gujarat, where Simmtech serves as a crucial supply chain partner in semiconductor assembly and test facilities. Chun expressed the belief that the Vibrant Gujarat Global Summit will play a vital role in establishing a new supply chain network in a rapidly growing country like India. He added that through these collaborative endeavours, India's position in the semiconductor supply chain network is poised to strengthen, making it an integral part of the global ecosystem soon.

Sultan Ahmad bin Sulayem

Sultan Ahmad Bin Sulayem, the Chairman of DP World, expressed his delight in witnessing the realization of the Prime Minister's vision for a vibrant Gujarat. He extended congratulations to the Government of Gujarat for successfully hosting the Summit, emphasizing its evolution into India's prestigious business forum aligned with the Prime Minister's vision of 'Viksit Bharat @ 2047'. Mr Sulayem acknowledged the government's efforts in fostering industrial clusters such as Gift City, Dholera Special Investment Region, and Gujarat Maritime Cluster, considering them as gateways to the future.

Highlighting the robust economic ties between India and the UAE, he noted that the UAE stands as one of the largest foreign investors in Gujarat, with investments exceeding 2.4 billion dollars since 2017. Mr Sulayem also pointed out Gujarat's significant export achievements, with goods worth over 7 billion US dollars shipped last year. Recognizing India as the world's fastest-growing large economy, he expressed confidence in sustained growth under the Prime Minister's strong leadership. Mr Sulayem credited investment initiatives like GatiShakti, foreseeing their role in unlocking India and Gujarat's potential as economic powerhouses.

He shared DP World's plans to invest in state-of-the-art container terminals with a capacity of 20 lakh containers at Kandla, Gujarat, contributing to the expansion of the country's logistics infrastructure. Mr Sulayem expressed pride in partnering with the Government of India in this endeavour and thanked the Government of Gujarat for the opportunity to participate in the Vibrant Gujarat Summit.

Lakshmi Mittal

ArcelorMittal Chairman  Lakshmi Mittal reminisced about his visit to the 20th anniversary of Vibrant Gujarat in September 2023. Praising the Prime Minister's persistent commitment towards establishing an institutional framework for the Vibrant Gujarat Summit, a mega global event he said that Gujarat, a policy-driven state for years, is significantly contributing to India's development. The Vibrant Summit, initiated by Prime Minister  Narendra Modi's idea and vision, has now transformed into a global summit.

ArcelorMittal is in the process of establishing a mega steel production project in Hazira, Gujarat. The first phase of the project is scheduled for completion in 2026, with an MoU signed for the subsequent phase. The entire project is expected to be finalized by 2029.

Mittal praised the Prime Minister's belief in the principle of "One Earth, One Family, One Future" and his efforts to strengthen the 'voice of the South Global' worldwide at every international forum. Emphasizing the importance of steel in making the country Atmanirbhar, he recalled the launch of the ArcelorMittal Nippon Steel India Hazira expansion project in 2021, he updated that the first phase of the project will be completed by 2026. He also discussed investing in green sectors like renewable energy and green hydrogen.

Sanjay Mehrotra

Sanjay Mehrotra, the CEO of Micron Technologies, USA, expressed his gratitude towards the Prime Minister for his vision of introducing semiconductor manufacturing in the country. He said that this initiative will be a major economic driver in the future, aligning with India's trajectory towards becoming the world's third-largest economy.

The Vibrant Gujarat Summit presents visionary ideas to make India a semiconductor powerhouse while also highlighting multiple growth opportunities in the sector.

While mentioning the partnership with Tata projects in establishing a world-class memory assembly and test facility in Gujarat, Mr Mehrotra thanked both the state and central governments for their support. Mr. Mehrotra shared that the first phase, covering 500,000 square feet, is expected to become operational by early 2025, creating 5,000 direct jobs and 15,000 additional community jobs in the coming years. He mentioned that the combined investment by Micron and the government in both phases could reach up to 2.75 billion US dollars. In conclusion, he emphasized the company's role as an anchor investor in India's semiconductor industry.

N Chandrasekaran

N. Chandrasekaran, the Chairman of Tata Sons Limited, remarked, "The sustained and impressive progress of Gujarat over an extended period is a clear testament to the visionary leadership and determination of Prime Minister Narendra Modi." He highlighted that the economic advancement has not only led to substantial social development but has also positioned Gujarat as the gateway to the future. Chandrasekaran highlighted the Tata group's historical ties to Gujarat, citing the birthplace of founder Jamshedji Tata in Navsari. Currently, 21 Tata Group companies maintain a robust presence in the state. He detailed the group's expansion initiatives in Gujarat, encompassing electric vehicle manufacturing, battery production, the development of C295 defence aircraft, and the establishment of a semiconductor fabrication facility, along with advanced manufacturing skill development. Chandrasekaran asserted, "Gujarat holds significant importance for the Tata Group, and we are committed to playing a pivotal role in its journey of growth."

Shankar Trivedi

Shankar Trivedi, Senior Vice President, NVIDIA spoke about the growing importance of artificial intelligence and recalled the event when  Prime Minister  Narendra Modi invited Mr Jensen Huang, the CEO of NVIDIA to deliver a lecture to the leaders of senior members of the Indian government and said that "it was the first time that a global leader talked about artificial intelligence.” He further shared that we are grateful to the Prime Minister that he made efforts to adopt generative AI in Gujarat as well as in India. Explaining NVIDIA’s efforts in skill development about generative AI, he also outlined its efforts for Make in India.

Nikhil Kamat

Nikhil Kamat, Founder and CEO of Zerodha, threw light on the overall development of the country over the past two decades as he drew an analogy to his journey as an entrepreneur. He remarked that the last 10 years have been incredible as he hailed the country's startup ecosystem and the rise of small entrepreneurs and e-commerce which was not the case 10 years ago. He credited the Prime Minister for facilitating a stable for thriving startups thrive.

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