Bihar has potential to become best destination for investment in Supply Chain, Logistics Sector: Syed Shahnawaz Hussain

New Delhi [India], June 25 (ANI): Bihar Industries Minister Syed Shahnawaz Hussain on Friday participated Supply Chain Management and Logistics Summit 2022 and appealed to key stakeholders of companies from this industry to invest in Bihar as well.

"Bihar has the potential to become the best destination for investment in Supply Chain and Logistics Sector," Hussain said while addressing an event in Delhi.

The event witnessed some of the biggest stalwarts of this sector including Vikas Agarwal, Managing Director of South Asia of Moller-Maersk (AP Moller-Maersk), Prakash Gaur, CEO, National Highways Logistics Management Limited (NHLML); Abhinav Singh, Director, Amazon; Nanduri Srinivas, Director, Dedicated Freight Corridor Corporation of India Limited, Manoj Nair, Director, ET Edge; were present during this event.

Speaking to the audience, Bihar Minister said that the Supply Chain Management and Logistic system act as necessary fuel that drive the industrial growth and progress of a nation.

"In order to achieve our objective of becoming a five trillion dollar economy by 2025. we need an efficient Supply Chain Management system while at the same time keeping the logistics costs low," he stated.

He said that India's supply chain and logistics sector is the largest in the world and it is a matter of happiness that the growth of this sector is also the highest at present.

"Bihar is also a part of this ecosystem and I represent this state. We are therefore preparing ourselves for a giant leap in this sector keeping in mind the immense growth potential in this sector," the minister added.

Speaking on the recent developmental steps taken by the Department of Industries of Bihar, he said that we have recently launched "Bihar Textile and Leather Policy 2022" and "Bihar Startup Policy 2022" which are one of the finest in the country.
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"With the advent of these policies, we expect rapid growth of micro, small, medium, and large industries. Further, it will also attract domestic and foreign investments," Hussain said.

Further to it, Bihar is well connected with its neighbouring states and the total market size including its neighbouring states is 55 crores. We also have well-developed infrastructure, huge water resources and cheap manpower. All of these provide immense potential to the companies in this sector to invest in Bihar, he added.

Bihar is also a part of this ecosystem and I represent this state. We are therefore preparing ourselves for a giant leap in this sector keeping in mind the immense growth potential in this sector.

With the advent of these policies, we expect rapid growth of micro, small, medium, and large industries. Further, it will also attract domestic and foreign investments and give employment to the youths of Bihar.

Overall, the state is moving towards a new era of industrialization at a fast rate, and the role and participation of the supply chain and logistics sector are necessary for the creation of a favourable industrial environment in Bihar. (ANI)

Source: National