New Delhi, Apr 24 (IANS): The first ever Global AYUSH Investment and Innovation Summit at Gandhinagar concluded with the AYUSH sector witnessing Letter of Intents of more than Rs 9,000 crore.

The investment proposals have come across major categories like FMCG, medical value travel and services, pharmaceuticals, technology and diagnostics, and farmers and agriculture.

"The investors and the entrepreneurs of the whole world have realised the comparative advantages which AYUSH is offering and its strengths," said Union Minister for AYUSH, Sarbananda Sonowal.

Speaking at the valedictory function, he added that the summit has been instrumental in developing an enabling framework to attract investments in the sector.

Sonowal said the investment and innovation opportunities in the field of AYUSH are limitless.

During the summit, an MoU was signed between the AYUSH Ministry and the Defence Ministry to start AYUSH facilities in more than 35 cantonment areas across India.

In total, more than 70 MoUs were signed between countries, research institutes, farmers groups and industry, said Ayush Ministry.

Speaking on the occasion, Union Minister for Sport and Youth Affairs and Information and Broadcasting, Anurag Thakur said the market size of the AYUSH has witnessed a quantum jump from just over $3 billion in 2014 to $18 billion in 2022, clocking a phenomenal annual growth of 75 per cent.

The Union Minister expressed hope that the country will soon see many start-ups and businesses investing in this sector.

Gujarat Governor Acharya Devvrat was the chief guest at the valedictory session of the summit.

Minister of State (MoS) for Tourism, Shripad Yesso Naik and MoS for AYUSH, Mahendra Munjapara were also present during the function.