WASHINGTON: Pitching for foreign direct investment in the food processing sector, India has asked the US companies to take advantage of its liberalised foreign investment rules, ready made infrastructure and improving business environment. A high-powered team of Indian officials led by Jagdish Prasad Meena, Special Secretary in the Ministry of Food Processing Industries yesterday started their two-day trip to Midwest from Chicago holding meetings with high-level officials from several Chicago land food services, logistics and restaurant companies.
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, the Indian Consulate in Chicago said in a statement.
Given its size and location in the Midwest, Chicago has been the hub of the US food and food processing industry and is home to many of the world’s leading food and agriculture companies.
During his trip here, Meena is scheduled to meet with Potbelly, headquartered in downtown Chicago, and Mondelez, which has a bakery in the Chicago Lawn neighbourhood.
Meetings are also scheduled with Sensient, Griffith Foods, and Ingredion among others. The first of its kind visit of US officials comes as the Narendra Modi Government has significantly liberalised FDI regulations, and has allowed 100 per cent FDI in manufacturing of food products and 100 per cent FDI in trading including e- commerce in food products manufactured and produced in India. India has undertaken several national and state-level programmes to improve the nation’s standing in the World Bank’s annual Ease of Doing Business Index, the Consulate said.
India’s food processing industry is experiencing significant growth and boasts existing infrastructure in new Mega Food Parks around the country as well as state-of-the-art Cold Chain facilities, it said. From November 3 to 5, New Delhi will host the World Food India 2017, a first-of-its-kind mega-scale event showcasing the large agricultural or horticultural produce base of India and its huge young population, providing a ready market providing immense investment opportunities for the entire food processing and food retail sector.
Source: Economic times