Punjab woos industry at Vibrant 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," a senior official of Punjab Industry Department who was part of the delegation said today.

Officials from departments of industry, power, PUDA, Punjab Agro interacted with corporate honchos at the summit on January 11-12 persuading them through presentations and discussion to invest in Punjab.

During the Punjab State Seminar at the event, 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.

The officials also 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.

Punjab 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 to turn the state into a favourable investment destination.

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

Higher land prices had turned out to be a major stumbling block in attracting fresh investment in Punjab with companies showing reluctance in putting money in the state and this fact was even corroborated by a UNIDO report.

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