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The chief minister of Punjab Amarinder Singh has said that his government has written to various countries that want to move their business out of China and assured them of all possible support for the implementation of facilities in the state.
Singh said that his government is moving aggressively to reach out to the embassies of different countries and they have established four industrial parks to give them the land of their projects.
“We have written to Japan, Korean, and Taiwanese embassies in India and we are in conversations with them and offering them all possible support, in terms of land, infrastructure and other facilities”, said Singh during his Facebook Live program of ‘#AskCaptain’ on Saturday.
This occurs in the middle of reports that a number of global giants, including Japanese and American companies are looking to move their factories to other countries from China in the wake of the pandemic.
India is also seeking to attract U.S. business, including medical device giant Abbott Laboratories, of moving from China as the President of Donald Trump’s administration stepped up efforts to blame Beijing for its role in the coronavirus of the pandemic.
India in April reached more than 1,000 companies in the united states and through the missions abroad to provide incentives for manufacturers to seek to get out of China, Bloomberg earlier reported, in May, citing government officials.
India is the prioritization of medical equipment suppliers, units of food processing, textiles, leather and auto parts manufacturers from more than 550 products covered in the discussions, according to officials who asked not to be identified, citing rules in to speak with the media.
India expects to earn more than US companies involved in healthcare products and devices, and is in talks with Medtronic Plc and Abbott Laboratories in the relocation of its units to the country, an official said.
India last month became prior authorization mandatory for the foreign investments of the countries that share a border with India, in a move aimed at curbing “predatory takeovers” of Indian companies on the part of Chinese companies due to the drop in its valuation due to the coronavirus-induced economic recession.
China criticized India for the new policy, which he called discriminatory and demanded its revision.
Before Punjab, Tamil Nadu and Uttar Pradesh have offered concessions to those who are planning to move. Maharashtra has assured that the supply chain of foreign manufacturers remained functional through India virus security lock.
(With agency inputs)
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