Odisha looks to UAE investors for next phase of $500 billion growth plan

Abu Dhabi: India’s Odisha state is seeking greater investment from the UAE as it aims to build a $500 billion economy by 2036 and reach $1.5 trillion by 2047, its Chief Minister Mohan Charan Majhi told Gulf News in an exclusive interview.

Majhi, who is leading a government delegation on a three-day visit to the UAE, said the state wants to build a long-term economic partnership with the country and attract UAE companies into key sectors.

“Odisha’s objective is to build a strategic economic partnership with the UAE and position the State as a preferred destination for global capital, technology and enterprise,” he said.

“The UAE is a gateway to the Middle East, Africa and global markets, making it a natural partner for Odisha’s next phase of industrial growth.”

Major UAE investment

The visit comes two months after Abu Dhabi-based International Holding Company (IHC) and India’s Adani Group announced a 50:50 joint venture to develop a major aluminium complex in Odisha.

The $11.5 billion project, announced on July 2, includes a four-million-tonne-per-year alumina refinery, a two-million-tonne aluminium smelter, a 4,000MW captive power plant and a downstream manufacturing park.

It is expected to create more than 53,500 jobs during its construction and operational phases.

Majhi said the project could serve as a model for further UAE investment in the state.

“We want more UAE companies to make Odisha part of their global supply chains and growth strategies,” he said.

The state is now seeking UAE partnerships across manufacturing, clean energy, logistics, food processing, tourism and technology.

$500 billion target

Odisha’s economy grew by 7.9% during the 2025-26 financial year, according to figures provided by the state government.

Industry accounts for more than 41% of its Gross State Value Added, while its services sector grew by 9.3% and agriculture and allied sectors by 5.3%.

The state is also a major producer of minerals, accounting for 43.7% of the value of India’s mineral production, Majhi said.

However, he said Odisha wants to move beyond the extraction of natural resources and expand manufacturing, processing and advanced industries within the state.

“We are moving from a resource-based economy to one driven by technology and value addition,” Majhi said.

“Achieving this vision will require private investment, entrepreneurship, exports and global partnerships. That is precisely why the UAE is so important to us.”