The MoU, signed by Invest Punjab CEO Rajat Agarwal and AMCHAM India program director Rajiv Anand, a first for the US body with any state in the country. It entails the formation of a joint working group (JWG) having members from Invest Punjab and AMCHAM India, to support and develop cooperation, as well as, for enhancing the Ease of Doing Business in Punjab, India and USA.
Sharing details of the investment opportunities in the state for the US companies across multiple sectors, Agarwal highlighted that the state had served as a launchpad to renowned MNCs who looked to start their India operations. Inviting the US enterprises, he said opportunities for investment or collaboration with Punjab-based companies existed in multiple sectors such as Agriculture-notes-for-state-psc-exams”>Agriculture and Food Processing, technical engineering, textile and pharma.
The investor-friendly ecosystem had allowed Punjab to receive more than $12 billion investments that were under various stages of implementation, he added.
He talked about the high impact business reforms such as the Right to Business Act 2020, deemed approvals and central inspection system, amongst others that have been undertaken by the State Government to reduce time and cost incurred by businesses.
Established in 2013, by the state government, the Punjab Bureau of Investment Promotion (Invest Punjab) is a single point of contact for facilitation of investors who are looking to set up a business in Punjab. Invest Punjab has been rated as the top-performing state IPA by the Government of India, said Agarwal.