FILE PHOTO: Semiconductor chips are seen on a circuit board of a computer in this illustration picture taken February 25, 2022. REUTERS/Florence Lo/Illustration/File Photo
GANDHINAGAR, India (Reuters) -India's Gujarat state is in talks with semiconductor companies in Japan, South Korea and the U.S. for investment in the state, Gujarat Chief Minister Bhupendra Patel told Reuters on Thursday.
Gujarat, which is Prime Minister Narendra Modi's home state, is holding its biennial Vibrant Gujarat Global Summit next week and has signed initial investment agreements worth $86 billion with 58 companies ahead of the event.
The summit is expected to draw a record number of foreign and domestic investors to the western state in what is seen as Modi's big push to promote investment in the South Asian nation just months ahead of national elections, in which Modi will seek a third term.
Gujarat is one of India's top industrial states, with an estimated 8.3% contribution to the country's gross domestic product (GDP), which it wants to increase to 10% by 2030, Patel said.
The state government will focus on renewable energy, green hydrogen and green ammonia, among other investment sectors, during the summit, he added.
The state also expects to attract up to 4 trillion rupees ($48 billion) of renewable energy investments over the next five years, Gujarat's energy secretary said.
($1 = 83.2250 Indian rupees)
(Reporting by Rupam Jain and Sumit Khanna; Writing by Shivam Patel; Editing by Jacqueline Wong and Mark Potter)
