Photo Source: Babushahi Bureau
Punjab becomes preferred investment destination for foreign players: Industries Minister
INVESTORS FROM ACROSS THE GLOBE BRING INVESTMENTS WORTH RS 99000 CRORES IN PUNJAB IN LAST 4.5 YRS: INDUSTRIES MINISTER GURKIRAT SINGH
Chandigarh, October 24, 2021: Having a strong ecosystem, business friendly policies and excellent factors of production, Punjab has become a preferred investment destination for the global firms in the last few years.
In the last four-and-a-half years, investors from across the globe as well as those from different regions in the country have shown their confidence in Punjab, which has resulted in securing investments worth Rs 99000 crores in various sectors.
The sectors include Bicycle, Agri & Food Processing, Logistics, Pharmaceuticals, Chemicals, Textiles, Alloy and Steel Sector, Engineering, Auto Components, New and Renewable Sources of Energy, IT Services, Education, Real Estate and Infrastructure.
These investments are coming into the State from companies from diverse countries including USA, UK, UAE, Denmark, Germany, France, Spain, Italy, Japan, South Korea, New Zealand and Singapore, said Gurkirat Singh, Minister of Industries and Commerce, Punjab, adding that Punjab is scripting an unmatched success story.
He said that Punjab has not only witnessed global firms investing in the state for the first time but also the existing players have expressed their satisfaction and enthusiasm by expanding their presence and operations in the State. “The investors’ confidence in the growth story of Punjab, even in the times of the COVID-19 crisis, is a testimony to the State’s strong infrastructural and policy framework,” said Gurkirat Singh.
“We have always got required support from the Punjab Government, which makes this state a nice place to live and work. Punjab is a state of young people, there is a good opportunity for auto-companies to set up their units in Punjab,” said Eiichi Seto, Director SML ISUZU Ltd. He also said that they have never faced a labour shortage in the state.
Pertinently, the State Government has made consistent efforts in the last 4.5 years, to develop an ecosystem where both the domestic and global businesses can thrive competitively. It is encouraging to see it bearing results with global investments pouring in from 10 foreign companies even in FY 2020-21.
Major investments from companies headquartered in North America include Smarter E-learning Pvt Ltd (Software Development), PepsiCo India Holdings Pvt Ltd, Cargill India Pvt Ltd, Walmart India Pvt Ltd, Netsmartz Infotech Pvt Ltd and Teleperformance India, all with headquarters in the USA
. Companies headquartered in Europe including CN IFFCO (Joint venture in food processing with Spanish firm Congelados de Navarra), Vadhera Apartments Pvt Ltd (UK based group), Hindustan Unilever Ltd, Centrient Pharmaceuticals India Pvt Ltd (HQ Netherlands), Verbio India Pvt Ltd (HQ Germany, BioCNG production), Hella India Lighting Ltd (HQ Germany, Lighting Solutions for Automotive), with first-time investments by Air Liquide (HQ France; Manufacturing Industrial Gases), Graepel Perforators India Pvt. Ltd. (HQ Germany), Hartmann Packaging Group (HQ Denmark; Moulded Fibre Packaging) and Ognibene Group (HQ Italy; Manufacturing Hydraulic Actuator) have also invested in the State.
During this period, Foreign companies from East & Southeast Asian countries have also made investments in joint ventures as well as independent investments in Punjab including Think Gas Pvt. Ltd. (HQ Singapore, Petrochemicals), Adani Wilmar Limited (JV with Singapore-based Wilmar Intl. Ltd.), International Tractors Limited and Yanmar (HQ Japan), Vardhman Special Steels and AICHI Steel (HQ Japan), Meritech Software Pvt. Ltd. (HQ Japan) and Sunjin India Feeds (HQ South Korea). Blal Steel Shredding Pvt. Ltd. from New Zealand and Australia based firm Avaso Tech Pvt Ltd are also investing in the State, adding to the investments from around the globe in Punjab.