Punjab CM Extends full support to German envoy to boost investment in key sectors

Punjab CM Extends full support to German envoy to boost investment in key sectors

Nabaz-e-Punjab, Chandigarh, July 27:
Punjab Chief Minister Captain Amarinder Singh has extended his government’s full support to German Ambassador to India, Walter J. Lindner, who evinced keen interest in investing in the key sectors of Mobility, Engineering, Pharmaceuticals, Chemicals and Renewable Energy in the state. The envoy, who called on the Chief Minister late on Monday evening, discussed mutual strategies to explore new trade and investment opportunities in the state.
During the meeting, the Chief Minister underscored the major reforms undertaken by the State Government to boost ease of investment and business. These include Invest Punjab as a one-stop shop for all the regulatory clearances to set up business ventures in the State, apart from Punjab Anti-Red Tape Act 2021 and Punjab Right to Business Act 2020.
Captain Amarinder Singh also invited more German companies to come and experience the investor-friendly ecosystem in the State, which is already home to multiple German investments, including Metro Cash and Carry, Hella, CLAAS and Vibracoustics.
Punjab Principal Secretary, Investment Promotion, Alok Shekhar apprised the German envoy that Invest Punjab held an aftercare session in June, 2021 for German companies operating in Punjab to ensure continued business success for them. The State Government is proactively involved with German investment agencies, such as Invest in Bavaria and the Indian Embassy at Berlin, especially for their Make in India Mittlestand (MIIM) initiative. Besides, Punjab Government delegations also attended the German India Business Forum, he pointed out.
CEO Invest Punjab, Rajat Aggarwal, said that the German companies have made investments in the State across various sectors such as auto components, manufacturing and renewable energy. Of these, Verbio is setting up a ~80,000 m3/day paddy straw based Bio-CNG project at various locations and Graepel’s Punjab unit (only unit in Asia) manufactures perforated metal sheets and ventilation grids for agri & construction machinery. Another company Vibracoustics, as the sole supplier of automotive NVH (noise, vibration & harshness) solutions for BMW and Ford, is currently in the process of expansion and consolidation of operations in Punjab by setting up a state-of-the-art auto component-manufacturing unit.