India to attract $10 billion investment in food processing sector

New Delhi, Oct 16 (IANS) India is expected to attract investment of $10 billion in the food processing sector at the World Food India 2017 event next month, Union Food Processing Industries Minister Harsimrat Kaur Badal said on Monday.

"With World Food India, the country is poised to touch an investment target of roughly $10 billion in the food processing sector, which will generate one million jobs in three years," she was quoted as saying at a curtain-raiser session here.

"I am certain that the World Food India platform will reinvigorate the country's position as a 'Global Food Factory' and a 'Global Sourcing Hub'," she said.

Over 200 companies from 30 countries, 18 ministerial and business delegations, and 50 global Chief Executive Officers, along with CEOs of all leading domestic food processing companies, are expected to attend the November 3-5 event, where Germany, Japan, and Denmark are 'partner countries' whereas Italy and Netherlands are 'focus countries'.

Badal said the retail sector in India offered a large demand-driven market and the government was creating the right infrastructure, an enabling environment, and an innovation culture to foster strategic partnerships.

"India is the second largest producer of food, leader in milk, fruits and vegetables, cereals and marine products. It has a huge potential with 127 agro climatic zones, and proximity to food importing nations... the World Food India 2017 provides that platform for partnerships," she said.

"With World Food India, we are inviting the world to come and refresh their experiences of Indian food, spices, ingredients, and cuisines. The food street at the event will, I hope, be a memorable experience."