Shillong, May 26 (IANS): Meghalaya Chief Minister Conrad Sangma on Saturday said that the state is projected to attract substantial private investment worth Rs 8,000 crore.

"The possible investment in Meghalaya is an outcome of the new industrial policy that has created an ecosystem for ease of doing business," the Chief Minister said while addressing a workshop on "Human Development Leadership Programme" in Tura.

Talking about policies that "previously discouraged investors", he said: "The system was tedious and time-consuming. Our new industrial policy has provided a framework to give clearance to different statutory requirements within a specified time frame, which is facilitating investors."

He said that close to Rs 4,000 crore investment has come through in the last one year, which includes a Rs 2,500 crore thermal power plant to generate 450 MW electricity, ethanol plant, beverages and a five star hotel chain.

Sangma also said that the government was taking steps to boost Internet connections in the state.

"The optical fibre connection will further boost the IT-enabled service sector," he said.

The Chief Minister also spoke about the new five-star hotel projects that are coming up in Shillong, Sohra and Umiam, and a three-star hotel in Tura, all through private investment, adding the hotel would promote business environment and job opportunities to the youth.

"Hotels, air connectivity, and high-speed Internet would encourage more IT companies to set up their enterprises in the state. The Shillong IT Park has provided jobs to more than 3,000 youths directly and indirectly and many more companies have expressed their keen desire to set up BPOs in the state," CM Sangma said.

He further said: "Companies are now shifting their focus from cities like Bengaluru and Hyderabad to our state, as they know that we have the human resources and the capacity. Our people have good command over languages and work ethics, which is an added advantage."