Overseas Indian Facilitation Centre to be set up: Cabinet

New Delhi, Mar 22 (UNI) The Centre today announced that a Overseas Indian Facilitation Centre would be set up in the capital to serve as a ''one stop shop'' for promoting overseas Indian investment into India and facilitating business partnership.

The Centre, which would be a Trust, would establish and maintain a diaspora knowledge network and function as a clearinghouse for all investment related information.

It would assist states in India to project investment opportunities to overseas Indians in the infrastructure and social sectors and provide a host of advisory services to PIOs and NRIs.

The decision was taken at a Cabinet meeting chaired by Prime Minister Manmohan Singh, Information and Broadcasting Minister Priya Ranjan Dasmunsi told reporters.

It would be set up by the Ministry of Overseas Indian Affairs in partnership with CII as a non-profit body.

After the creation of the trust, the CII will manage the Trust executive body, to be deployed to run the centre in partnership with CII. The capital expenditure, if any, will be borne by CII initially for three years and thereafter by the trust because the trust is expected to be self sufficient in three years.

UNI