India urges US companies to invest in food processing industry
The Dollar Business Bureau
India has urged US companies to invest in the food processing sector in the country and asked the US firms to take benefit of the country’s liberalised foreign direct investment (FDI) rules, improving business atmosphere and readymade infrastructure.
A team of high-profile officials from India led by Special Secretary in the Ministry of Food Processing Industries Jagdish Prasad Meena on Wednesday reached the US. They are on a two-day visit of the US touring Midwest from Chicago conducting meetings with several companies of Chicago metropolitan area from logistics, food services to restaurant firms.
“During the meeting, Meena urged them to take advantage of India’s liberalised foreign investment rules, readymade infrastructure and improving ease-of-doing-business climate,” revealed the Indian Consulate in Chicago in a statement to the media.
Given the size and location in the Midwestern region, Chicago – the third most populous city in the US - has been a hub for food processing industries and many leading food and agriculture companies of the world are based in the city.
During the trip, the Special Secretary is scheduled to have meetings with Potbelly, restaurant chain based in downtown Chicago, and Mondelez International, one of the world's biggest snacks companies based in the city. He is also scheduled to meet with Griffith Foods, Ingredion and Sensient, among others.
The government under Prime Minister Narendra Modi has considerably liberalised FDI rules, and has permitted 100% FDI in food products manufacturing and trading that include e- commerce for food products produced and manufactured in India.
“India has introduced various programmes at the national as well as state-level to improve the country’s standing in the Ease of Doing Business Index,” the Consulate said.
Food processing industry in India is witnessing a significant growth and we are proud of its prevailing infrastructure in the form of new mega food parks across the country and also the state-of-the-art facilities in cold chain, it said.
Leading companies from the US are asked to come to India and learn about the country’s proactive policies and lucrative opportunities that are available across the entire chain of food processing and food retail.