Thursday, January 20, 2022

Punjab inks MoU with US companies, first with any state in India

A Memorandum of Understanding (MoU) was signed between Punjab and the American Chamber of Commerce in India (AMCHAM India) today for mutual cooperation on Investment Promotion and Ease of Doing Business in Punjab for US Member Companies during 29th AGM of the AMCHAM India.

The MoU 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 has done with any state in the country and entails formation of a Joint Working Group (JWG), having members from Invest Punjab and AMCHAM INDIA, that shall work to support and develop investment cooperation, as well as for enhancing ease of doing business in Punjab, India and USA.

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Giving a presentation on the investment opportunities in the state for the USA companies across multiple sectors that have complementarities with USA, Invest Punjab CEO, Mr Rajat Agarwal, highlighted that the State has served as a launchpad to renowned MNCs who looked to start their India operations.

Inviting the USA enterprises to Punjab, Mr. Agarwal highlighted the opportunities for investment or collaboration with Punjab-based companies in multiple sectors such as agriculture and food processing, technical engineering, textile and pharma. The investor-friendly ecosystem has allowed the Punjab government to receive more than USD 12 Billion of investments that are under various stages of implementation, he added.

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Agarwal also dwelled upon the high impact business reforms such as Right to Business Act 2020, Deemed Approvals, Central Inspection System amongst other that have been undertaken by the Punjab government to reduce time and cost incurred by businesses.

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