New Delhi April 10 (IANS) Since peace is the prerequisite for development, Mizoram is a green pasture for investment, according to Mizoram Chief Minister Zoramthanga.

"I believe Mizoram is a green pasture for investment by companies, industrialists and other business houses... Processions, bandhs and dharnas, a daily occurrence elsewhere, seldom take place," he said in a speech read out by state education minister R. Lalthangliana at the Third Northeast Business Summit here Tuesday.

He added that the people of Mizoram are hardworking, honest and friendly in nature.

Describing the summit as an indication of the government's "genuine concern for bringing about industrialisation and socio-economic development in the northeast region", the chief minister said, "The summit is a right initiative for exploring the vast pool of resources which, if properly harnessed, could make the entire region a hotbed for prospective investors from home and abroad."

He said that as part of the Look East Policy, the central government has agreed to take up the Kaladan Multi-Modal Transport Project, which envisages linking the northeastern states with the Sittwe port in Myanmar.

The chief minister expressed confidence that the project will greatly transform the economy of Mizoram. It will provide vital links for exports of local goods to Myanmar, he added.

One of the most peaceful states in the region at present, Mizoram, flanked by Bangladesh and Myanmar, has some distinctive locational advantages for promoting trade and business relations with neighbouring countries through land customs stations at Zokhawthar and Tlabung, the chief minister said.

He pointed out that the state has a vast potential for hydroelectric power where "the corporate giants and the companies should step in for investment".

He said the state government has identified turmeric and passion fruit as thrust crops for cultivation in commercial scale during the coming years.

"Large scale cultivation of rose and anthurium may also be an area where the investors can play a fruitful role," Zoramthanga added.

Talking about the tremendous investment potential in bamboos, the chief minister said: "A total of 20 species of bamboos have been recorded in the forest of Mizoram... The bamboo-based industries could be a right option for investors."

Highlighting the New Industrial Policy of Mizoram, formulated in 2000, the chief minister said the thrust areas of the policy envisage electronics and IT, bamboo and timber-based industry, food and fruit industry and textiles.

Highlighting the incentives included in the policy, he said: "The policy also envisages a package of incentives, such as subsidy on land, factory rent, manpower development, power supply etc, apart from fiscal incentives like exemption of sales tax for a period of seven years from the date of commencement of actual commercial production."