Monday, November 14 2005 17:23 Hrs (IST) - World Time -

New Delhi: Walking a tightrope on the issue of foreign investments, West Bengal Chief Minister Buddhadeb Bhattacharjee today (Nov 14, 2005) invited foreign entrepreneurs to set up shop in the state in sectors such as infrastructure, steel and chemicals but said Foreign Direct Investment (FDI) in retail can wait for sometime.

He said the state was committed to encourage FDI and pursuing investor friendly policies for developing its economy.

"We are trying to prove that we are investment-friendly and that we are trying to develop the economy. The state is an ideal investment destination for both domestic and foreign players," Bhattacharjee said while pitching for greater investments in the state at the India International Trade Fair (IITF) here.

West Bengal, which is the partner state at the IITF this year, offered vast opportunities for investment in iron and steel, chemicals and petrochemicals, agro-processing, auto, gems and jewellery, leather, IT and ITES, Bhattacharjee said.

He, however, said investments should be mutually advantageous.

Opposing FDI in the retail sector, he said it would displace large number of people from existing jobs and the Government would have to move cautiously on the matter.

Echoing his views on retail FDI, Union Commerce Minister Kamal Nath said the Centre was trying to find out a model that is incremental in nature and does not displace existing jobs.

Bhattacharjee also assured of cordial labor relations including in sunrise sectors like IT and said foreign players such as Mitsubishi Chemicals have not faced any labor unrest.

The projects by Indonesia-based Salim Group are also on track with the State Government in the process of identifying land for the purpose, he added.