Mumbai/Shillong: Stating that northeastern states are better governed for business prospects, Meghalaya Chief Minister Mukul Sangma on Thursday also stressed that there was a need to look at sustainability of business and livelihood in the region's rural areas. However, Sangma said that the suspension of North Eastern Industrial and Investment Promotion Policy, 2007 has affected industrial development in the region. Addressing the North East India Business and Cultural Integration Initiatives, organized by the central government's Department of Industrial Policy & Promotion and business chamber Confederation of Indian Industry in Mumbai, he said the northeastern region being a conglomeration of frontier states, the growth and prosperity of this region is very important. The Initiatives aims at promoting North East India as business and tourism destination. The day-long summit was also attended by Assam Industry and Commerce minister Chandra Mohan Patowary, Development of North Eastern Region Ministry Joint Secretary A.M. Singh, CII North East Council Chairman Sandipan Chakravorty among others. State governments of the region gave presentations on the possible business avenues in the region, while representatives of corporate houses such as IL&FS, Shapoorji Pallonji and Tata Trust also spoke about the various business avenues there. "The region has seen visible positive impact in the last few years due to number of investments viable for the region hence there is a need to ensure that the growth and prosperity does not get dislocated," said Sangma. "The region is better governed for business prospects and there is a need to look at sustainability of business and livelihood in the rural areas of the region leveraging upon the renewable natural resources and human resource. Northeast needs to be seen as an alternative destination for high end tourists," he said. Sangma said that his government has embarked upon a number of initiatives to achieve economic growth and development while promoting inclusive growth on a sustainable basis.