Having strong ecosystem, business friendly policies and excellent factors of production, Punjab has become a preferred investment destination for the global firms in 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 into 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 setup their units in Punjab,” said
Eiichi Seto, Director SML ISUZU Ltd. He also said that they have never faced
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 includes 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 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 Perforations 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.
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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.