Dimapur: Nagaland’s adviser to industries department Hekani Jakhalu said the “Made in North East” concept introduced five years ago can serve as a catalyst for strengthening relationships and boosting the regional economy through inter-state and international trade.
Opening the business session of the 1st Northeastern States Chamber of Commerce and Industry Business Conclave at Niathu Resort in Chumoukedima on Tuesday, Jakhalu highlighted the rich heritage and potential of the northeastern states and called for collaboration among all stakeholders to chart a path toward sustainable economic growth.
On the significance of the conclave in the economic development of the northeastern states, she said despite the region’s diversity, there is a shared aspiration among the states to foster economic growth and prosperity.
Jakhalu spoke about the need for collective progress and teamwork, stating that the challenges and aspirations faced by the region should be shared.
She noted that one of the key challenges of the region was the underutilisation of its potential, resources and opportunities for economic growth and development.
She stressed the importance of not just establishing infrastructure but also equipping the people with the technical skills required to make use of these resources effectively.
Jakhalu stressed that the budget allocation under the Northeast Entrepreneurs Development Scheme should be increased to provide financial assistance to MSMEs at concessional interest rates.
Highlighting the decline in investment share in the Northeast under the North East Industrial and Investment Promotion Policy 2007, she called for urgently developing a new industrial policy with enhanced incentives for at least ten years, with a focus on supporting the MSME sector.
The business session of the conclave included discussions on various topics, including the prospect of business convergence in the northeastern states, investment opportunities and India’s Act East Policy.
Stakeholders from all eight northeastern states attended the conclave and shared their concerns, issues, and challenges.