In a first, a memorandum of Understanding (MoU) was signed between Punjab and the American Chamber of Commerce in India (AMCHAM India) on Saturday for mutual cooperation on investment promotion and ease-of-doing business in Punjab.
It was signed by CEO, Invest Punjab, Rajat Agarwal and AMCHAM India Program Director Wing Cdr Rajiv Anand in the presence of Principal Secretary (Investment Promotion) Hussan Lal.
The MoU is a first that AMCHAM India has done with any state and entails formation of a joint working group (JWG), having members from Invest Punjab and AMCHAM INDIA, that will work to support and develop investment cooperation, as well as for enhancing ease-of-doing business in Punjab, India and the US.
Giving a presentation on the investment opportunities in the state for the USA companies across multiple sectors, Agarwal highlighted that the state has served as a launchpad to renowned MNCs that looked to start their India operations.
Inviting the US enterprises to Punjab, he 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 $12 billion of investments that are under various stages of implementation, he added.
Agarwal also dwelled upon the high impact business reforms such as the Right to Business Act of 2020 undertaken by the state government to reduce time and cost incurred by businesses.
Principal Secretary (Investment Promotion) Hussan Lal highlighted the conducive business ecosystem and progressive step undertaken by the state, which is home to more than 20 US business establishments.
Besides, he also showcased Punjab as an attractive destination to the US companies looking to diversify their operations in South East Asia.
Pepsico President Ahmed El Sheikh and John Deere Director (Corporate Affair) Mukul Varshney shared their experience of operating in Punjab.