Ruchika M. Khanna

Tribune News Service

Chandigarh, March 8

Punjab could emerge as the most favourable investment destination for companies from the UAE, ringing in the success of International Outreach Programme by the Capt Amarinder Singh government to attract investment.

At least nine big business houses from the West Asian country are coming for an Investment Roundtable on March 11. They are likely to sign MoUs with the state government for making investments in logistics, infrastructure, cash-and-carry business (hypermarts), food processing and providing sustainable water solutions. The investments that fructify during the interaction – third between the state government and representatives of the UAE-based companies since October 2018 — will give a push to the state as a destination for foreign direct investment.

The companies which are coming for the meeting include Lulu Group, DP World, Hyperloop One, Sharaf Group, Emaar, DMCC, NIIF, United Phosphates and Metito Group.

Vini Mahajan, Additional Chief Secretary (Industries), Punjab, said the state government had started its International Outreach Programme last year, targeting the UAE, Singapore, Israel and Germany. “After the state government delegations went there last year, we have had follow-up meetings with industry delegations from all countries here in Punjab. The UAE-based companies are now going ahead with signing MoUs. The Lulu Group has started exporting kinnows, other fresh fruits and vegetables, besides honey, through Punjab Agro Juices Limited from the state from February,” she said, adding the company was also looking at making investment in setting up convention centres/hotel, besides setting up hypermarkets in Mohali, Amritsar, Jalandhar and Bathinda.

Officials in the Industries Department said between April 2017 and January 2019, the state has received total investment of Rs 35,260 crore. This investment has so far been from domestic players, with Rs 21,991 crore by HPCL-Mittal Energy Limited.

Mahajan said as the UAE-based companies were keen to invest in the state, the state government is planning to start more flights to and from the UAE to Amritsar and Mohali. “We realise the potential that adding air services can have for the growth of investment here, and the matter is being discussed at the highest level by the state government with the Ministry of Civil Aviation,” she said.

Meanwhile, IOL Chemicals and Pharmaceuticals Limited today announced expansion of its existing unit at Dhaula in Barnala and setting up an ancillary unit at Raikot, bringing in a fresh investment of Rs 347 crore.

IOL Chemicals & Pharma to pump in Rs 347 cr