Nagaland has many unexplored resources, says minister to invite investments

Nagaland has many natural resources, which are yet to be explored and lying underground, state minister Neiba Kronu said, inviting corporates to invest in the state.

Addressing the closing session of the Corporate Social Responsibility (CSR) and Investment Conclave on Tuesday night, Kronu said Nagaland has fertile soil and can grow everything.

"There is huge scope as all the resources in the state, including mineral resources, petroleum and gold, are unexplored. All these resources are unexplored and lying underground," he said.

"Nagaland has a fertile soil and everything can grow here, while the produce has a different taste from other parts of the country," he added.

Kronu, the minister for Planning and Coordination, Land Revenue and Parliamentary Affairs, also thanked the corporates for coming forward for the development of the state.

"We will expect your visit again. As you go back, share the good things about the state to others, and leave the bad here and forget it," he said.

The first-ever conclave was organised by the Investment and Development Authority of Nagaland (IDAN). It was inaugurated by Union Finance Minister Nirmala Sitharaman on Monday.

The conclave saw the participation of 118 corporates and 25 nationalised banks over two days on the theme of "partnership for strengthening sustainable development".

On the inaugural day, Sitharaman launched 52 CSR projects, while on Tuesday she released loans of 11 major schemes amounting to Rs 205 crore to more than 3,000 beneficiaries.

Kronu also said that his government was formulating new land laws as the landholding system in the state was different from other parts of the country.

"We are following the land laws of 1886, which are too old. The draft land laws of the state are ready and will be deliberated in the next cabinet meeting for approval, and placed in the assembly during the next session, starting on September 20," he said.

This will help the corporate sector and banks to come forward and invest in the state, he said.

IDAN CEO Alemtemshi Jamir said 23 companies have expressed interest to invest in the state.

SBI has committed to Rs 500 crore and Small Industries Development Bank of India (SIDBI) has committed Rs 150 crore, he said.

"We are overwhelmed with the kind of response that we have got from the corporates and bankers," he said.