German envoy shows interest in investing in Punjab

Chandigarh, July 27 Punjab Chief Minister 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 to boost ease of investment and business. These include 'Invest Punjab' as a one-stop shop for all regulatory clearances to set up business ventures in the state, apart from the Punjab Anti-Red Tape Act, 2021 and the Punjab Right to Business Act, 2020.

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.

The Principal Secretary (investment promotion) of Punjab, Alok Shekhar, apprised the German envoy that Invest Punjab held an aftercare session in June for German companies operating in Punjab to ensure continued business success for them.

The state government is proactively involved with the German investment agencies, such as Invest in Bavaria and the Indian Embassy in Berlin, especially for their Make in India Mittlestand (MIIM) initiative.

Besides, delegations from the state government also attended the German India Business Forum, he said.

The CEO of Invest Punjab, Rajat Aggarwal, said that 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 paddy straw based bio-CNG projects at various locations, while Graepel's Punjab unit (only unit in Asia) is manufacturing perforated metal sheets and ventilation grids for agriculture and construction machinery.

Another company, Vibracoustics, the sole supplier of automotive NVH (noise, vibration and harshness) solutions for BMW and Ford, is currently in the process of expansion and consolidation of its operations in Punjab by setting up a state-of-the-art auto component-manufacturing unit.