From MoUs, Punjab to shift focus on actual investments
In a paradigm shift from the past, the Punjab government has decided do focus on execution of concrete investment proposals instead of just entering into agreements and statements of intent as the State prepares to hold an investors’ summit in the first week of December.“We have done a paradigm shift, in the past there used to be focus on the MoUs, which was fine when investment promotion agency was still young. But it has now matured and therefore, we believe that we should go beyond just looking at statements of intent into concrete proposals. We are now looking at actual investments. So the investor should have a project ready for implementation. In the past two-and-a-half years the State has seen an investment of over ₹50,000 crore,” Additional Chief Secretary Industries-Commerce Vini Mahajan told The Hindu.Punjab is organising the Progressive Punjab Investors’ Summit on December 5 and 6 surrounding the theme “Building Partnerships for Inclusive Growth – MSMEs in the Global Value Chain”. MSME unitsThe event is expected to see participation from leading industrialists, new-age entrepreneurs, foreign missions and dignitaries. The summit intends to provide a platform to experience the success story of Punjab and explore investment opportunities offered by the State.“Our focus this time is on Micro, Small and Medium Enterprises (MSMEs) as it is the backbone of the State’s industry. The MSMEs are our strength as they generate largest number of employment, which is close to 1.76 lakh till October 2019. The intent is to bring global players and local industry on the same platform to promote business-to-business contacts,” Ms. Mahajan said.The event aims to highlight that Punjab houses robust MSME units in numerous sectors which can be vendors-partners of the international clients looking for ancillary units to support their global value chains.“We are partnering with Japan, UAE, U.K. and Germany as we see many mutually benefiting collaborations with industry based out of Punjab. Many international players from these nations have already expressed their interest in increasing investment in the State,” she said.“Punjab was among the first to not only identify MSMEs as the key engine of economic growth and employment but also undertake several structured reforms and create supportive infrastructure to support their holistic growth and development in the past two years,” she said.