Invest India wins most innovative Investment Promotion Agency 2021 award

Union Commerce & Industry Minister Piyush Goyal and Minister of Information & Broadcasting Prakash Javadekar congratulated Invest India has been awarded world’s most innovative Promotion Agency 2021 by OCO Global.

About Invest India

Invest India is the national Investment Promotion & Facilitation Agency of India. It was established in 2009 as non-profit venture of Department for Promotion of Industry & Internal under Trade Ministry of Commerce and Industry. It focuses on sector-specific investor which helps in targeting & developing new partnerships in order to enable sustainable investments across India.

Function of Invest India

Invest India partners with substantial investment promotion agencies and multilateral organizations. It works actively with several Indian states in a bid to build capacity and bring in global best practices across investment targeting, promotion and facilitation areas. It focuses on sector-specific investor targeting and development of new partnerships for a sustainable investment.

Investment promotion agency (IPA)

IPA is a government agency whose mission is to attract investment in country, state, region or city. IPA do this function by using marketing activities by raising awareness regarding location of attractive destination for investment.  It has four core functions viz., Investment generation, Image building of FDI hosting country, Project management and aftercare services. It plays an important role in attracting investment for developed countries. Its function is similar to the chamber of commerce or business consulting corporation.

Chamber of commerce

It is a form of business network and a local organization of businesses. Its goal is to strengthen the interests of businesses. They elect a board of directors or executive council to set policy for chamber. This board or council hires a President, CEO, or Executive Director.

Month: Current Affairs - July, 2021