Punjab inks MoU with American Chamber; will facilitate ease of doing business with US companies

Chandigarh, Sep 4 (UNI) 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 for US Member Companies during 29th AGM of the AMCHAM India.
The MoU was signed by Invest Punjab CEO Rajat Agarwal and AMCHAM India Program Director Wg 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 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.
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 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, 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 USD 12 Billion of investments that are under various stages of implementation, he added.
Mr 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 state government to reduce time and cost incurred by businesses.
He further said that USA is one of the focus countries for the Government of Punjab to promote Industrialization, Trade and Commerce. More than 20 American firms such as Amazon, Walmart, Quark, Cargill, Tyson, John Deere, Gates, Schreiber, Pepsi, Coca Cola, Teleperformance, Compu-Vision Consulting, Netsmartz Infotech have choosen Punjab as their preferred Investment destination. Immense opportunities across diversified sectors do exist for collaboration between USA and Punjab based enterprises.