A delegation of Invest Punjab, the investment promotion and facilitation agency of Punjab, is visiting Taiwan from July 22-27 to discuss potential economic and trade partnerships, talent exchanges, and resource sharing, an official statement said on Monday.
Economic relations between India and Taiwan have deepened in the past decade with signing of several agreements to facilitate trade, investment and technological collaborations, a senior official said here.
Punjab has selected Taiwan as a focus country due to the plethora of investment opportunities and potential business synergies possible in bicycle and bicycle components, electric vehicles, electronics, light engineering, auto components, skill development and textile sectors.
Punjab Bureau of Investment Promotion Additional Chief Secretary Vini Mahajan and Invest Punjab CEO Rajat Agarwal will address the gathering at Taiwan-ASEAN-India Strategic Partnership Forum in Taipei and Hsinchu to showcase the state's readiness to cater to industrial requirements of Taiwanese companies.
"They will apprise the Taiwanese investors of the significant reforms undertaken by the state, including a blend of policy level changes, simplification of processes and implementation of technology-based solutions to create a business-friendly ecosystem," the official said.
"Punjab will also leverage this forum to solidify its presence as a preferred investment destination among other ASEAN countries," she said.
To promote industries, Punjab is also adopting measures like cluster approach with the creation of industrial sites like Hi-Tech Valley in Ludhiana (380 acres dedicated to EV, battery manufacturing, bicycle manufacturers), MediCity in Mohali (250 acres dedicated to setting up a multi/super specialty hospitals, medical colleges), IT City in Mohali (1,688 acres) and a new Electronic City under development, the statement said.
Punjab-based corporates, including Hero Electric Managing Director Naveen Munjal, Trident Ltd Vice Chairman Abhishek Gupta, Hero Cycles Director Abhishek Munjal, are accompanying the government delegation, the statement said.
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