Punjab Newspaper

The PHD Chamber today sought the status of Most Favoured Nation for India at an interactive session “Doing Business with Illinois” organized by PHD Chamber today. “If India could be conferred Most Favoured Nation status, trade with not only Illinois but USA shall escalate to new heights in the times to come. Illinois should not only seek investment from India but should invest in India as well”, said Sh R K Saboo, Past President, PHD Chamber remarked during the session.


While echoing Sh Saboo’s concern, Mr Pranav Gupta, Co-Chairman, Haryana Committee, PHD Chamber, said, that currently India was experiencing significant economic transformation and it was an opportune time for Illinois now to develop and strengthen its ties with India.
The hinterland of Chandigarh in neighbouring HP and Haryana has emerged as a major hub of industry. There is an opportunity for development of IT sector and agri business in a major way apart from manufacturing including pharmaceuticals, light engineering and research & development and tourism.
As for economy of Punjab is concerned, he said, “I wish to inform our friends from Illinois state that Punjab has over 2.04 lakhs of small and medium industries and about 600 large scale industries. It leads in the manufacture of machine and hand tools; printing and paper cutting machinery; auto parts and electrical switch gear. The state also provides more than 75% of the country’s requirement for bicycles, sewing machines, hosiery and sports goods. At par with the highest quality standards in the world, these products have carved a niche for themselves in markets across the globe.”
India has started to play a growing role in global trade and investment, and the US-India economic relationship has become deeper. USA is the largest investing country in India in terms of FDI approvals, actual inflows, and portfolio investment.
Such an interactive meeting holds all the more importance especially when Indian companies were looking for business and investment opportunities globally, said, Sh Madhu Vij, Co Chairman, Chandigarh Committee, PHD Chamber. “At the national level, there is a firm resolve on both sides to reduce impediments to bilateral trade and investment and to promote economic ties.” He said that the State of Illinois should also look forward to invest in the hinterland thus furthering the bilateral trade.
Think global and not local, to boost trade, reiterated Mr Rajinder Bedi, Managing Director, Office of Trade and Investment (OTI), Deptt of Commerce & Economic Opportunity, State of Illinois, USA. He invited industry and trade to invest in the State of Illinois saying that Illinois provided an opportunity to spread one’s trade globally.
Illinois ranks the largest industrial market in the U.S. and the third largest consumer market. Major exports include electrical and electronic equipment, computer equipment, transportation equipment, chemicals and allied products, metal, rubber and plastic products, medical and biotechnology equipment, food and kindred products, agricultural and construction equipment, bolts, nuts, rivets and washers, railroad equipment, packaging machinery, machine tools, environmental control equipment, power transmission equipment, industrial machinery, etc.