Punjab woos industry at Gujarat summit

To attract big-ticket investments, the SAD-BJP-led Punjab government has sent a delegation of senior officers to attend the Vibrant Gujarat Summit.

“The main intention of participating in the Vibrant Gujarat Global Summit was to explore business opportunities and project Punjab as favourite investment destination,” said a senior Punjab industry department official, who was part of the delegation on Sunday.

Officials from departments of industry, power, PUDA, Punjab Agro interacted with corporate honchos at the summit on Friday and Saturday, persuading them to invest in Punjab.

Investment hotspot

During the Punjab state seminar, officials also highlighted the SAD-BJP government’s vision to turn the state into investment hotspot by taking industry-friendly measures, including sufficient power, improved road infrastructure, air connectivity, land availability at reasonable rates.

They talked about policy initiatives being taken with regard to the promotion of prominent industry verticals including textile, auto parts, pharma, information technology and agro-processing.
Officials also explained the upcoming new industrial policy which is expected to address
a host of issues like land availability and faster clearance of new industrial projects.

Small investment

The effort of the SAD-BJP government assumes significance as Punjab has not been on radar of big corporates and multinational companies for investments, particularly in manufacturing and IT sector for some time. The state attracted small investments in rice milling, hotels and other real estate projects.

High land price

Higher land prices proved to be a major stumbling block as companies were reluctant to put money in the state and this fact was even corroborated by a UNIDO (United Nations Industrial Development Organisation) report.

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