By projecting the State as the “best business destination” at an Investors’ Summit, Punjab Government has managed to ink a total of 117 agreements, with both domestic and overseas companies, involving investments of over Rs 65,000 crore.
The Memoranda of “Commitments” (MoCs) signed over the two-day summit are expected to provide employment to more than three lakh youth in the State.
Corporate honchos like Reliance India chairman Mukesh Ambani had announced investment of Rs 2,500 crore on rolling out 4G in the State. Similarly, Airtel’s Sunil Bharti Mittal had also announced to invest Rs 4,000 crore on the first day of the summit. ITC had announced to set up a food processing industry while Fortis Healthcare had also promised to invest Rs 1,100 crore in healthcare sector.
Where major industrial captains signed MoUs investing more than Rs 65,000 crore, a Taiwanese Company has announced to shift their headquarters from Noida to Mohali which is being emerged as the next IT hub. Infosys would set up its campus in Mohali having the capacity of 25,000 employees, and the necessary file work is going on. Besides, all State’s villages would be attached with 4G service within the next six months by the Reliance.
TATA too signed an MoU to setup skill training academy at Ropar, besides another multinational group Trident signing an agreement in the field of skill improvement. As the Punjab Bureau of Investment Promotion has started functioning, the state government would also establish a land bank of 10,000 acres, besides the available lands in Mohali and ludhiana, for meeting the land requirements of various companies.
The State Government has announced to hold next summit in the State’s industrial capital, ludhiana, on December 9-10, next year, besides establishing three trade centres at Mohali, Amritsar and ludhiana for holding Investors’ Summit on much larger scale. To keep track of the MoCs, the state government would review the investments agreements which had been signed with the companies every month by holding monthly review meetings.
Evincing great interest in IT sector, Taiwan’s CTCI Group vice chairman John H lin said that with record growth of software export from the state, Punjab and Taiwan could work in complete compatible mode. The entrepreneurs from Taiwan also showed great interest in investing in bicycle parts and components, auto parts and components and looking for Punjab partners for technology transfer.
They also evinced great interest in cotton and blended yarn production, readymade garments and in retail chains. Taiwan’s Green Energy Technology CEO Hur-lon lin also expressed desire to invest in green energy sector, as Punjab has potential of 600 MW power generation from Biomass, 1,000 MW from Solar sector and 600 MW from small and mini-hydel projects.
They also expressed desire to invest in Biosciences and Healthcare, Urban Infrastructure, up-gradation of transport system, road network enhancement and Skills and training sectors. Taiwan is also contemplating to setup industrial park in the state with Union Government allowing 100 per cent FDI cap in this sector.
Punjab Unaided Technical Institutions’ Association (PUTIA) also announced to invest Rs 3,000 crore in next two years by different colleges for further expansion.