Punjab, a border state in India, has caught the attention of five countries eager to expand their business ventures and invest capital in the region. The countries are eyeing Punjab as a viable option, especially in the fields of Information Technology (IT) and cooking oil production.
Several high-ranking officials from Fiji, Kyrgyzstan, Bangladesh, Uzbekistan, and Indonesia have expressed interest during their visit to the 17th Punjab International Trade Expo (PITEX) organized by the PHD Chamber of Commerce and Industry. The officials, including Fiji’s High Commissioner Nilesh Roneel Kumar and Kyrgyzstan’s Ambassador Ackap Askar Beshimov, met with DPS Kharbanda, CEO of Invest Punjab, to discuss potential opportunities.
At the PITEX round table conference, Ambassador Beshimov highlighted that Kyrgyzstan plans to establish at least 100 new industries in India, with a significant number slated for Punjab. He emphasized the potential for collaboration in agriculture, forestry, fishing, and mining.
High Commissioner Kumar from Fiji underscored the positive impact of improved relations between India and Fiji, extending its effects to Punjab. Kumar expressed keen interest in exploring business prospects, focusing on production and tourism opportunities in Punjab.
Trade Economic Counsellor Samiev from Uzbekistan engaged in talks with Punjab Government representatives regarding natural gas and mineral industries. At the same time, Bona Kusuma, Trade Attaché of Indonesia, recognized India as the biggest market for their crude palm oil, electrical equipment, and rubber products. Given Punjab’s high consumption of crude palm oil, Kusuma inquired about the necessary formalities to establish related industries in the state.
CEO Kharbanda highlighted Punjab’s potential for mustard and mustard oil production, especially in Ludhiana, which has the highest number of mustard oil-producing companies. He suggested the establishment of industries to promote the exchange of mustard oil and crude palm oil, following the Indonesian trade representative’s expressed interest.
Since the formation of the new government in Punjab, a staggering 3,893 investment proposals have been received, offering a total investment of INR 59,318 crore and the potential to generate 350,000 jobs. Kharbanda also mentioned the disbursal of INR 2,910 crore in electricity tariff subsidies during the current financial year and an additional INR 100 crore incentive distributed among 132 units. The government has allocated INR 3,258 crore for future grants in 2023-24.
Naveen Seth, Deputy General Secretary of the Ph.D. The Chamber of Commerce and Industry emphasized the chamber’s vital role in bringing together the Punjab Government and foreign representatives. This collaboration aims to boost industrial capital investment in the border state. RS Sachdeva, Chairman of PHDCCI’s Punjab Chapter, emphasized the state government’s continuation of correspondence with the interested countries.
The interest expressed by these five countries signals promising opportunities for economic growth, increased investment, and the creation of employment in Punjab. As discussions progress and collaboration strengthens, Punjab may witness a resurgence in various industries, paving the way for increased prosperity and development in the state.
