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The 10th edition of the Vibrant Gujarat Global Summit (VGGS) in January 2024 was extra special for two reasons. First, it marked 20 years of the Vibrant Gujarat Global Summit being successful. Second, the summit made history by signing agreements worth Rs 26.33 lakh crore for 41,299 projects – the most ever since it started in 2003 by then Chief Minister Narendra Modi.
The journey has been nothing short of incredible. In 2003, the summit had limited international participation. Now, 135 countries are on board. What began with just 30 exhibitors in 2003 has now expanded to over 2000. According to official data, Gujarat has attracted a staggering $55 billion in foreign direct investment (FDI) over the last two decades.
In 2022-23, Gujarat got Rs 37,059 crore ($4.9 billion) in foreign investment. Impressively, Gujarat’s auto sector got 13% of the state’s foreign investment, while India’s entire auto sector only got 5% of the country’s total foreign investment. Also, Gujarat’s exports in 2022-23 were a massive Rs 12 lakh crore, making up 33% of India’s total exports.
The magic ingredient? It all boils down to global competitiveness. Thanks to events like VGGS, Gujarat has set up an environment helping companies compete at home and on the world stage. That’s a big win for both the state and businesses.
The ripple effects of the VGGS are palpable as top companies strategically choose Ahmedabad and nearby areas for their operations.
This blog explores the story of companies making moves, committing investments, and feeling the pull of the summit as they aim to succeed in the heart of Gujarat.
LuLu Group, based in the UAE, is gearing up to build India’s largest shopping mall in Ahmedabad. With an estimated cost of ₹4,000 crore, construction for this ambitious project is scheduled to start in 2024, as shared by Yusuff Ali MA, the Chairman and Managing Director of Lulu Group International, at the Vibrant Gujarat Global Summit 2024.
Essar Group is making waves with plans for a massive 1-gigawatt green hydrogen project in Jamnagar, Gujarat. Prashant Ruia, the Promoter Director of Essar Group, spilled the details during talks at the Vibrant Gujarat Global Summit. Alongside this eco-friendly venture, Essar Group is also gearing up to grow its presence in power and ports in the state.
During the summit, Suzuki Motor Corporation President Toshihiro Suzuki revealed the company’s colossal plan to invest ₹35,000 crore in establishing its second manufacturing facility in Gujarat. With a vision to scale up annual production capacity to surpass 40 lakh units by 2030-31, Suzuki is gearing up for significant expansion in the region.
Tata Sons chairman N. Chandrasekaran has announced exciting developments in Gujarat. Tata is set to build a significant semiconductor plant in Dholera, expanding its footprint from Sanand. Additionally, the construction of India’s first Giga factory for manufacturing 20 gigawatt Lithium-ion batteries will kick off in Sanand in the next few months. These moves underline Tata’s commitment to technological advancement and manufacturing in the region.
Reliance Industries Chairman Mukesh Ambani announced the construction of the Dhirubhai Ambani Green Energy Giga Complex spread across 5,000 acres in Jamnagar. This expansive project marks a notable step towards sustainable energy. Additionally, Reliance is establishing India’s first-class carbon fiber facility at Hazira, demonstrating a commitment to cutting-edge technology.
This substantial investment will fuel the construction of the world’s largest green energy park in Kandla, generating an impressive 30 GW of renewable energy. The Adani Group aims to expand the green supply chain, establishing the largest integrated renewable energy ecosystem encompassing solar panels, wind turbines, hydrogen electrolyzers, photovoltaic cells, and more. Beyond the environmental impact, this investment is expected to create over one lakh direct and indirect jobs in the region.
Nvidia Global Field Operations announced the tech giant’s strategic partnerships with major Indian business groups, including the Tatas and Reliance Group. The focus is on establishing cutting-edge AI data center facilities within the country. Trivedi highlighted the imminent launch of a state-of-the-art AI data center in GIFT City, a venture facilitated by the collaboration with partner Yotta. This facility is slated to go live before the end of March, representing a significant advancement in India’s AI infrastructure.
Gujarat has truly become an investment gem thanks to its welcoming business policies, solid infrastructure, and skilled workforce.
Over the past two decades, manufacturing, infrastructure, tourism, healthcare, and textiles have thrived. This business-friendly environment has attracted over a hundred Fortune 500 companies and given wings to over 13 lakh MSMEs in the state.
Consequently, there’s been a growing appetite for office and coworking spaces recently.
A recent study by Cushman & Wakefield Research Publication paints an exciting picture for Ahmedabad. In 2023, the leasing activity hit a 5-year high, with a remarkable 35% growth in the last quarter alone, leasing 0.52 million square feet.
There was a 35% growth in the last quarter, with 0.52 million square feet leased. The year saw a leasing volume of 1.62 million square feet, a 40% increase from the previous year. Flex spaces were pivotal, capturing a substantial 32% share in this dynamic landscape.
Looking ahead, the future seems even brighter, with new commercial projects lined up along SG Highway, promising fresh clusters of superior-grade office spaces. GIFT City is also gearing up, especially with an eye on attracting new Fin-tech institutions through the Vibrant Gujarat Global Summit.
Additionally, the development of the Sabarmati multimodal transit hub is set to increase connectivity between Ahmedabad and GIFT City, providing an extra boost to the commercial real estate sector.
Beyond the growing demand for commercial office spaces, companies are actively tweaking their workspace strategies to align with the changing preferences of the workforce. No matter their size, businesses are increasingly seeking flexible real estate solutions to keep investment risks in check. The focus on agile workspaces, including flexible spaces, is gaining momentum as business models shift towards hybrid work structures.
The surge in demand for flexible workspaces tells a story of business evolution, with flex providers emerging as the go-to solution for various needs.
Flexible office spaces offer a range of options, from dedicated desks and hotdesking to coworking spaces, as well as serviced and managed office spaces.
Even the big players and renowned brands now opt for flexible spaces because they provide top-notch amenities akin to Grade A spaces. These spaces offer prime locations, state-of-the-art amenities, and many customization options.
Amidst this dynamic ecosystem, ‘The Address’ stands out as a premier custom, managed, and coworking space destination in Ahmedabad. With state-of-the-art facilities, flexible workspaces, and a vibrant community, The Address goes beyond traditional office setups, providing an environment that catalyzes business growth and success.
It’s the perfect spot for businesses to provide a flexible and teamwork-focused setting that matches the innovation and growth happening in the region.
Curious about The Address? Reach out, and we’ll be delighted to organize a tour, allowing you to explore the vibrant and innovative workspaces it offers.
(Featured Image: Source)
