Joint delegation of Punjab government and business leaders visiting Taiwan on July 22-27

To discuss potential economic and trade partnerships

Chandigarh, July 22, 2019: A delegation from Invest Punjab, the investment promotion and facilitation agency of the State of Punjab, is visiting Taiwan from 22nd to 27th July to discuss the potential economic and trade partnerships, talent exchanges, and resource sharing between Punjab and Taiwan.

Economic relations between India and Taiwan have deepened in the past decade. The updated Bilateral Investment Agreement, signed between India-Taipei Association (ITA) and Taipei Economic and Cultural Center in India (TECC) in December 2018, ensures protection for Taiwanese business investments in India, in line with international standards and the rights of Taiwanese investors. Several agreements to facilitate trade, investments and technological collaborations have been signed in recent years.

Punjab has selected Taiwan as a focus country due to the plethora of investment opportunities and potential business synergies possible in the Bicycle and Bicycle Components, Electric Vehicles, Electronics, Light Engineering, Auto Components, Skill Development and Textiles sectors.
ACS Investment Promotion Vini Mahajan and CEO Invest Punjab Mr. Rajat Agarwal will be addressing the gathering at Taiwan-ASEAN-India Strategic Partnership Forum in Taipei and Hsinchu to showcase the readiness of Punjab to cater to the industrial requirements of Taiwanese companies. They will apprise the Taiwanese investors of the significant reforms undertaken by the State of Punjab including a blend of policy level changes, simplification of processes and implementation of technology-based solutions to create a business-friendly ecosystem. Punjab will also leverage this Forum to solidify its presence as a preferred investment destination among other ASEAN countries.

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 etc.), MediCity in Mohali (250 acres dedicated to setting up a multi/super specialty hospitals, medical colleges etc.), IT City in Mohali (1688 acres) and a new Electronic City under development.

To discuss business partnerships, the esteemed senior leadership of Punjab-based corporates including Managing Director Hero Electric Naveen Munjal, Vice Chairman Trident Limited Abhishek Gupta, Director Hero Cycles Abhishek Munjal, New Investment Head Lovely Professional University Pratham Mittal, Managing Director New Swan Group Upkar Singh Ahuja, and Director NP Group Rohit Mittal, are accompanying the government delegation.