Odisha’s investment pitch: Beyond mining, towards a higher-value industrial economy

Odisha is trying to recast its image from a mining-led investment destination into a diversified, technology- and export-driven industrial hub, and is using its three-day investors’ meet to court investors from the United Arab Emirates (UAE).

Through its Odisha Investors' Meet – UAE 2026 from September 9 to 11, the state government is focused on attracting global capital, strengthening export-oriented industries and building new investment and business linkages between Odisha and the Middle East, officials who were part of the chief minister-led delegation told The Indian Express.

“India’s next growth story is taking shape, and Odisha is ready to lead it. Now, we’re taking Odisha’s investment story to the UAE. A total of 514 projects worth Rs 9.57 lakh crore in investment in two years (after BJP came to power in Odisha) show that the momentum is real.

Odisha is no longer just an opportunity on paper; the world is taking notice,” Majhi wrote on X, minutes before he started consultations with investors. Official data at the Industrial Promotion and Investment Corporation of Odisha (IPICOL) — the state’s nodal agency for investment promotion — said nearly 50 percent of the investment intents that came in the past two years are in the advanced stages of approvals.

As Odisha has long been a preferred destination for mining-based investments, the BJP government has shifted its focus to diverse sectors, which would generate direct and indirect jobs. According to industries secretary Hemanta Sharma, the UAE outreach will also focus on strengthening the transition from Odisha’s traditional industrial sectors towards new-generation, technology-driven and higher-value sectors.

“During the current visit, the state has been targeting sectors like metals downstream, food and seafood exports, port-based industrial and logistics parks, shipbuilding parks, dedicated rare earth corridors, slurry pipeline infrastructure and chemical and petrochemical parks,” Sharma said.

The state government said it has attracted investment intents of Rs 2.2 lakh crore from the Middle East. “A major outcome of the investors’ meet was the signing of an MoU between the state government, Abu Dhabi-based International Holding Company (IHC) and Adani Group to explore 14 new projects with an indicative investment of $2.105 Trillion (Rs 2.10 crore),” an official said.

The proposed projects will come up in sectors such as metal downstream, slurry pipelines, critical minerals and rare earths, chemicals and petrochemical derivatives, renewable energy equipment, healthcare, industrial infrastructure, tourism, skill development and sports infrastructure.

It will create over 8 lakh employment opportunities. As part of the visit, Majhi also held one-to-one meetings with investors from the Middle East and invited them to explore investment opportunities in Odisha. Considering Odisha’s strategic location on the eastern coast, the BJP government has been focusing on port-led development in the state in line with the growth of Gujarat on the western coast.

With over 550-km-long coastline, the state currently has three all-weather ports at Paradip, Dhamra and Gopalpur, while it has identified 13 other sites for development of ports. “Port-led development is expected to create significant opportunities for large-scale investment, integrated manufacturing, logistics, exports and global supply-chain linkages,” said an official.

Odisha has also proposed a shipbuilding park — the National Shipbuilding and Heavy Industries Park, Odisha Ltd. (NSHIPOL) — which has already received the Centre’s in-principle approval. The proposed project, with an investment of Rs 24,700 crore, has been planned along the Mahanadi riverbank in the industrially-starved Kendrapara district, adjacent to Paradip port.

Odisha has also been making efforts to strengthen its position as a key digital infrastructure hub in the eastern part of the country, attracting investments in sectors like data centres and semiconductor units. It has also been reframing policies to make them lucrative for investors, offering more incentives.

Last year, the Centre approved two semiconductor units for Odisha with an investment of Rs 4,000 crore. In May, the Odisha government signed an MoU with tech giant Intel Corporation and USA-based 3DGS Inc to establish an advanced packaging glass-substrate manufacturing facility near Bhubaneswar with an estimated investment of over Rs 31,000 crore.

The Adani Group has also proposed to invest ₹1 trillion to set up a 1 GW, artificial intelligence (AI)-focussed data centre in the state. Even as the push to draw investment started over 10 years ago, when the BJD was still in power, officials said the current pace could be attributed to the change of regime in the state.

“As the BJP is in power both at the state and centre, it’s a crucial factor to boost investors’ confidence to invest in the state. Same party ruling at the Centre and the state not just helps to boost investment climate by expediting the clearances required but also in getting new investments on the suggestions of the Union government,” said a senior government official without wishing to be named.

The Opposition, however, slammed the state government’s claim of attracting investments, alleging a major gap between announcements being made and their actual implementation on the ground.