AMemorandum of Understanding (MoU) was signed between Punjab and the AmericanChamber of Commerce in India (AMCHAM India) today for mutual cooperation onInvestment Promotion and Ease of Doing Business in Punjab for US MemberCompanies during 29th AGM of the AMCHAM India.
TheMoU was signed by CEO, Invest Punjab, Mr. Rajat Agarwal and Program Director,AMCHAM India, Wg. Cdr. Rajiv Anand in the presence of Principal Secretary,Investment Promotion, Mr. Hussan Lal. The MoU is a first that AMCHAM India hasdone with any State in the country and entails formation of a Joint WorkingGroup (JWG), having members from Invest Punjab and AMCHAM INDIA, that shallwork to support and develop investment cooperation, as well as for enhancingease of doing business in Punjab, India and USA.
Givinga presentation on the investment opportunities in the state for the USAcompanies across multiple sectors that have complementarities with USA, InvestPunjab CEO, Mr Rajat Agarwal, highlighted that the State has served as alaunchpad to renowned MNCs who looked to start their India operations. Invitingthe USA enterprises to Punjab, Mr. Agarwal highlighted the opportunities forinvestment or collaboration with Punjab-based companies in multiple sectorssuch as agriculture and food processing, technical engineering, textile andpharma. The investor-friendly ecosystem has allowed the Punjab government toreceive more than USD 12 Billion of investments that are under various stagesof implementation, he added.
Mr.Agarwal also dwelled upon the high impact business reforms such as Right toBusiness Act 2020, Deemed Approvals, Central Inspection System amongst otherthat have been undertaken by the State Government to reduce time and costincurred by businesses.
InvestPunjab CEO further said that USA is one of the focus countries for theGovernment of Punjab to promote Industrialization, Trade & Commerce. Morethan 20 American firms such as Amazon, Walmart, Quark, Cargill, Tyson, JohnDeere, Gates, Schreiber, Pepsi, Coca Cola, Teleperformance, Compu-VisionConsulting, Netsmartz Infotech have choosen Punjab as their preferredInvestment destination. Immense opportunities across diversified sectors doexist for collaboration between USA and Punjab based enterprises.
Establishedin 2013 by the state government, the Punjab Bureau of Investment Promotion(Invest Punjab) is a single point of contact for facilitation of investors whoare looking to set up a business in Punjab."Invest Punjab has been ratedas the ''top-performing'' state IPA by the Government of India, said Mr.Agarwal.
PrincipalSecretary Investment Promotion, Mr. Hussan Lal, highlighted the conducivebusiness ecosystem and progressive step undertaken by the State, which is hometo more than 20 USA business establishments. Besides, he also showcased Punjabas an attractive destination to USA companies looking to diversify theiroperations in South East Asia. Mentioning the sectoral strengths in the state,he focused on various factors congenial to investment in Punjab such aspeaceful labour relations, lucrative incentives with no domicile constraint.
Invitingthe captains of the Industry to the upcoming 'Progressive Punjab InvestorsSummit, 2021', he enlightened the audience that Government of Punjab in its endeavorof inclusive and holistic development needs active representation of businessleaders on 26th and 27th October, 2021.
MajorB.S. Kohli, Advisor Invest Punjab, informed that Punjab has come a long way toshed its image of only an agrarian State and now has been looked upon by manyindustrial destinations as a force to reckon with. The State has seen somemeaningful investment in last 4.5 years due to the business-friendlyprogressive policies and good governance of the Chief Minister Captain AmarinderSingh led Punjab Government. "It is the inquisitiveness of the State thatmake us good learners and we would love to be tested by businesses", hesaid.
Presentat the event, the top management of Pepsico, Google, John Deere, Baush &Lomb amongst other renowned US companies univocally showed confidence inState’s unmatched growth and inclusive development of all. Highlighting the"pro-industry atmosphere" in the state, captains of the industrystated that Punjab is slated to become a lighthouse state in the ease of doingbusiness.
PepsicoPresident, Ahmed ElSheikh and John Deere Director Corporate Affair, MukulVarshney, shared their experience of operating in Punjab. Sanjay Bhutani,Managing Director commended the strides State has made in building formidableHealthcare Infrastructure and extended his support for deployingself-sustainable model to further the MedTech sector in the State