November 28, 2001
'17'
FOREIGN INVESTMENT IMPLEMENTATION AUTHORITY MEETS FOREIGN INVESTORS FROM WESTERN AND EASTERN REGIONS
The Foreign Investment Implementation Authority (FIIA) has urged the foreign investors to approach FIIA for the resolution of any difficulty experienced by them in the implementation of Foreign Direct Investment (FDI) projects. Shri V. Govindarajan, Secretary, Department of Industrial Policy & Promotion (DIPP), chaired the meeting of FIIA for Western & Eastern Regions on 21/11/2001. The meeting was attended by foreign investors and senior officials from Ministries of Government of India & State governments. Representatives from CII, FICCI and ASSOCHAM also attended the meeting.
Secretary, DIPP, also informed that the system for approvals for foreign investment had been streamlined and in over 95% cases the approvals were issued within 4-6 weeks of receipt of applications. Some difficulties in implementation, however, persist which need to be resolved expeditiously to create an environment for attracting greater investment. He also informed that senior officials of DIPP have been designated as nodal officers for specific states whose e-mail addresses were also available on the website of the department. The investors may contact these officers in case of any difficulty in implementation of projects for immediate follow up.
FIIA has also written to over 300 companies holding FDI approvals of Rs.100 crore or more for any assistance needed in the implementation of their projects. FIIA has also been seeking active association of industrial associations such as Japan Chamber of Commerce & Industry in India, American Chamber of Commerce & Industry, CII, FICCI & ASSOCHAM.
The investors appreciated the system of clearance of FDI through Foreign Investment Promotion Board (FIPB) and welcomed the initiative of FIIA in approaching the investors which would strengthen the mechanism for early resolution of implementation bottlenecks.