The government of Gujarat, India, is in discussions with semiconductor companies based in Japan, the United States, and South Korea. Gujarat's Chief Minister, Bhupendra Patel, revealed to Reuters on Thursday that talks are underway to secure investments from these companies in the state.

The upcoming biennial Vibrant Gujarat Global Summit, to be held next week, has already seen Gujarat signing preliminary investment agreements totaling $86 billion with 58 companies in anticipation of the event. This summit is expected to attract a significant influx of both foreign and domestic investors to the western state. It's viewed as a major initiative by Prime Minister Narendra Modi to encourage investments in India, especially in the lead-up to the national elections, where Modi is vying for a third term.

Gujarat holds a prominent position as one of India's leading industrial states, currently contributing around 8.3 percent to the country's GDP. The state aims to elevate this contribution to 10 percent by the year 2030, as stated by Patel.

During the summit, the state government will emphasize sectors like renewable energy, green hydrogen, and green ammonia to attract investments. Additionally, Gujarat anticipates drawing in renewable energy investments amounting to approximately 4 trillion rupees ($48 billion) within the next five years, Gujarat's energy secretary said.

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