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The World Trade Centre (WTC) today opened its branch in Bhubaneswar, its fifth in the country, to facilitate interactions among global and local traders.
Currently, the WTC office is operating from Fortune Tower, a commercial complex built by Odisha Industrial Infrastructure Development Corporation (Idco) and soon it will be shifted to its own complex to be built behind the Tower on 25 acre land.
“The construction of WTC Bhubaneswar office will be completed within three years,” said Chief Minister Naveen Patnaik, while inaugurating its branch here. With the establishment of WTC office, Bhubaneswar has become the part of a global network, spanning 100 countries and 343 branches across the globe. It will help promote entrepreneurship in the state in the domain of export-import, particularly in IT, electronic hardware manufacturing, metal based downstream and ancillary industries, handloom & handicraft, seafood processing and other export oriented units, Patnaik added.
The convention centre of WTC coming up at Janata Maidan will have a trade zone in it. The entire project is estimated to cost nearly Rs 300 crore. The centre will have facilities such as holding international conferences, workshops, seminars, exhibitions and trade fairs. Upon completion of construction, a 1.7 kilometer long sky-walk will connect the convention center to all the nearby hotels and the World Trade Center building behind Fortune Tower, as per the project details. “With this facility, Bhubaneswar will be at par with the leading cities in India in the MICE (Meetings, Incentive, Convention & Exhibition) sector. The facility will significantly enhance and facilitate trade & commerce in Odisha,” said Patnaik.
The project is planned to be developed through a mixed funding model wherein investment would be funded through budgetary sources and the PPP (public private partnership) partner is expected to finance the hotel facility and operations & maintenance (O&M) of the entire project.
State-run Idco is in the process of preparing the business model and a suitable transaction structure to bring in the PPP partner for the project. Since the project involves funding from different sources, Idco is mulling to set up a special purpose vehicle (SPV) for it.
The state government has sought Central government grant of Rs 20 crore under Assistance to States for Infrastructure Development of Exports (ASIDE) scheme for the convention centre.
