Kolkata, Feb 5 (IANS): Ahead of West Bengal Chief Minister Mamata Banerjee's address at the Bengal Global Business Summit (BGBS)-2025, the Leader of the Opposition in the state Assembly on Wednesday said the event was "all about fake MoUs".

"BGBS is all about signing fake MOUs, showing vague expressions of interest and issuing Letters of intent that end up in the dustbin," Adhikari said.

According to him, BGBS-2025, the 8th edition of the annual event, is neither about business nor global.

"It is an event where glossy lies are showcased to the people of West Bengal," the Leader of the Opposition said.

Adhikari also challenged the Chief Minister to inform the people about the total investment in the state, out of the proposed Rs 3.76 lakh crore, announced in BGBS 2023.

To recall, the last time this annual event was organised was in 2023, and for some reason, it could not be organised in 2024.

He also ridiculed the catchline of the event which says 'Bengal means Business'.

"BGBS is not the Bengal Global Business Summit. It is a two-day optical illusion event, consciously wrapped up in glossy paper to hide the industrialization drought of West Bengal. With Mamata Banerjee at the helm of affairs, Bengal does not and cannot mean business," the Leader of the Opposition said.

For quite some time, economic and industry observers have been critical of two policies which they think pose major hurdles towards attracting big-ticket investment, both in the manufacturing and the services sector.

First, the land policy of the state government that nullifies state intervention in procuring land for industries is a hurdle for land procurement for big industries in the manufacturing sector which requires a huge plot of land in one go especially in a state like West Bengal with fragmented land holding.

Secondly, the state government's policy of not allowing special economic zone (SEZ) status to any new entrant is a disincentive for major investment in the services especially in the IT and ITeS sectors.