[ India], Oct 11 (BusinessWire-India): More than 200 leading construction companies from 10 countries, including Germany, USA, China, and Canada, will come together to discuss the USD 170 billion Engineering Process Outsourcing opportunity at India Construction Festival on October 24-25 in New Delhi. The mega festival is supported by Ministry of Commerce, Engineering Export Promotion Council, US India Business Council, Builder's Association of India, and National Highway Builder Federation.
Chiefs of global engineering companies like Bechtel, Jacobs, AECOM, Mott, McDonald, Hochtief, Black & Veatch shall be participating in the event with Suresh Prabhu, the Union Minister of Commerce, India, addressing the audience as a chief guest. The Festival is being organised by FIRST Construction Council (FCC), in association with Construction World and Engineering News-Record (ENR)-the New York-based world's oldest and largest circulated construction and engineering magazine.
"The presence of these companies could offer us the opportunity to convince these companies to set up base in India and grab a good share of the Engineering Process Outsourcing (EPO) market which is likely to move business worth $ 170 billion to Asia," Pratap Padode, Founder & President FIRST Construction Council told the reporters at a press meet in New Delhi. "Further, the Rs 5.7 trillion India's infrastructure annual budget and the mega infrastructure opportunities looming in the horizon, offer the scope for these companies to scale up business from India's domestic market too," he added.
Global players have identified this opportunity and are keenly looking for opportunities to connect and network with the Indian business leaders, learn more about the unique business environment and explore partnership opportunities. Echoing the sentiment, US India Business Council, Director, Infrastructure & Energy, Frank Hollowell said, "There is tremendous scope for American infrastructure firms from all verticals to pursue project opportunities in all the major sectors in India. Recent reforms have improved conditions for project delivery, when combined with the introduction of new financial instruments, have made India a steadily improving market destination for American firms to seek opportunities and make investments."
Identifying the need for an international event to serve as a platform for interested professionals, the India Construction Festival will bring stakeholders from around the world together, to create a vision for India's infrastructure future. Pointing out to the project export opportunity, Suranjan Gupta, Executive Director, Engineering Export Promotion Council, told reporters, "The Indian Construction Equipment Industry is reviving after a gap of four years and is expected to grow to US$5 billion by FY2019-2020 from the current size of US$ 2.8 billion. By 2025, Construction market in India is expected to emerge as the third largest globally. This is the right time and opportunity for Indian manufacturing industries to rise and shine in global market."
According to Graham Robinson, eminent UK based economist, "India will become the world's third largest construction market at over US$1 trillion by 2030, and with Delhi expected to become the second largest city globally, the construction market in India will be almost 40 per cent larger than Japan, the world's fourth-largest construction market."
Adds Padode, "For the last 15 years, the organisations predecessor, FIRST (Foundation of Infrastructure Research Studies Training) has been involved in research on infrastructure, and has published white papers on policy, reports, newsletters, and financial models to evaluate competitiveness in the industry. Now it is set to bring best practices to the construction industry."
The festival, which spans over two days comprises:
The India Roads Conference, to discuss and evaluate the massive Indian industry and developmental options in the Roads and Infrastructure sectors.
The Construction World Global Awards, known as the 'Oscars of the Construction Industry', will award India's top builders, and recognise global contractors and design firms for their large successes.
The Construction World Leadership Summit, an international platform that captures the spirit of dynamic learning and implementation through innovation in India's construction industry.
The Equipment India Awards is the only award ceremony that has been ranking and awarding best performers, in different equipment categories for the past five years.
Confirmed speakers include: Union Minister of Commerce & Industry, Suresh Prabhu, Graham Robinson, UK-based economist; Vinayak Deshpande, MD, Tata Projects, Dr. AnupWadhawan, Secretary, Ministry of Commerce, Govt of India, Sanjay Bhatia, Chairman, Mumbai Port Trust, D.K. Sen, Director, L&T, Sandeep Singh, MD, Tata Hitachi, Elias George, Chairman, Infrastructure & Government, KPMG, Liz King, Director - Middle East & South Asia, Mott MacDonald, Subodh Dixit, President ( Construction), ShapoorjiPallonji Group, VinayakPai, MD, Jacobs Engineering, Dilip Suryavanshi, CMD, DilipBuildcon, Rohit Modi, CEO, EsselInfraprojects Ltd, Sunil Takyar, MD, Bechtel India, Dr Ajay Mathur, Director, General, TERI, among others. (BusinessWire-India)