WASHINGTON (TIP): Ambassador Taranjit Singh Sandhu delivered a special address at the inaugural session of USA-Punjab Investors’ Roundtable 2020 on 17 November 2020. Chief Minister of Punjab, Capt. Amarinder Singh delivered the Presidential address and highlighted the expanding investment opportunities in Punjab in conversation with President & CEO of Mastercard Dr. Ajay Banga. Senior officials of Government of Punjab, prominent industry representatives, and eminent members of the Indian-American community in the US attended the Roundtable.

Addressing a virtual USA-Punjab Investors Roundtable 2020 on Tuesday, he said that after months of lockdown due to the COVID-19 pandemic, Punjab’s economy is coming back on track, industry is back on its feet and migrant laborers have started returning. Punjab’s industries have opened up again, Singh said, adding that his government offers industry-friendly and investor-friendly policies. Inviting the investors to enjoy the state’s unique business-friendly culture that promoted entrepreneurship, Singh highlighted the followings:

1. US is the top export destination for companies from Punjab. In 2019-20, Punjab’s export to the US was to the tune of USD 685 million amounting to approximately 12 percent of the state’s total exports.
2. Asserting that Punjab is the preferred landing destination for overseas companies, Singh said that there are a number of industrial units which are coming from the US and different parts of the world.
3. Pepsi and Walmart started their Indian operations in Punjab, he said, adding that more than 30 American firms including Amazon, Walmart, Quark, Cargill, Tyson, Schreiber, Pepsi, Coca Cola currently have operations in the state.

Responding to Mastercard CEO Ajay Banga’s question, the chief minister acknowledged that he has differences with the Center on the agricultural bills. We are not against corporates but there has to be a regulation to protect the farmers and the long-standing relationship they have with the Arhtiyas (commission agents), he said, asserting that any attempt to do away with this system will not work. Singh said that his government had brought in bills in the Punjab Vidhan Sabha to negate the impact of the central farm laws and had also taken up the issue with Prime Minister Narendra Modi. In his remarks Ambassador Sandhu noted the opportunities that investors could utilize in Punjab, laying emphasis on the strong network of educational, vocational and scientific institutions in Punjab. “Punjab and the US can explore complementarities in many sectors such as agriculture & food processing, education, textile & garment, renewable energy, light engineering, pharma and IT,” he said.

While urging investors to consider Punjab as a major investment destination, he lauded the strength of Punjab’s economy and its role in India’s economic growth. “For years, Punjab’s industries have proven to be reliable partners, and suppliers, to US giants like Walmart, New Balance, and even food chains, like KFC, Burger King, and McDonalds.” he said. Ambassador Sandhu applauded the Punjabi community in the US for acting as a bridge between India and the US, and reiterated the support of the Embassy in facilitating investments. The USA-Punjab Investors’ Roundtable 2020, held on  17-18 November 2020 was  organized by the Government of Punjab in coordination with Embassy of India, Washington D.C. and US-India Strategic Partnership Forum (USISPF) to showcase Punjab to prospective investors in the US. During the Roundtable, there was  a focus on five areas: Agriculture & Food Processing; Pharma & Medical Devices; Engineering & Manufacturing; IT & Startup; and Education.