Invest India won the most innovative Investment Promotion Agency 2021 award | Daily Current Affairs 2021
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Invest India won the most innovative Investment Promotion Agency 2021 award

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Investment Promotion Agency 2021 Award

Invest India has recently been awarded the world’s most innovative Investment Promotion Agency 2021 by OCO Global.

About OCO Global:

OCO Global is a leading authority on foreign investment and offers a range of economic development services, products, and unique company assessment tools.

About Invest India:

  • It is a non-profit venture under the Department of Industry and Internal Trade, Ministry of Commerce and Industry, Government of India (GoI).
  • It is the national investment promotion and facilitation agency.
  • It was founded in 2009 and is headquartered in New Delhi.
  • The current MD & CEO of Invest India is Deepak Bagla.

Functions of Invest India:

  • Invest India focuses on sector-specific investors which helps in targeting & developing new partnerships in order to enable sustainable investments across India.
  • It partners with substantial investment promotion agencies and multilateral organizations.
  • It actively works with several Indian states to build capacity as well as bring in global best practices in investment targeting, promotion and facilitation areas.

About Investment promotion agency (IPA):

  • An investment promotion agency (IPA) is most often a government agency (or occasionally a non-profit organization functioning similar to a chamber of commerce or business consulting corporation).
  • IPA’s mission is to attract investment to a country, state, region, or city.
  • They achieve this by using marketing activities by raising awareness regarding the location of attractive destinations for investment.
  • It has the following four core functions:
  • Investment generation
  • Image building of FDI hosting country
  • Project management
  • 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.

About Chamber of Commerce:

  • A chamber of commerce is an association or network of businesspeople designed to promote and protect the interests of its members.
  • Business owners in towns and cities form these local societies to advocate on behalf of the business community.
  • Local businesses are members, and they elect a board of directors or executive council to set policy for the chamber.
  • The board or council then hires a President, CEO, or Executive Director, plus staffing appropriate to size, to run the organization.
  • They serve as spokespeople and representatives of a business community.
  • They differ from country to country.

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