The Punjab cabinet on Saturday approved the setting up of Punjab Bureau of Investment Promotion (PBIP), which will carry forward the new investment policy-2013 in a time-bound manner under the 'Progressive Punjab Campaign' and accelerate investment promotion in the state.
The bureau will have a board of governors (BoGs), an executive committee and a chief executive officer (CEO). Both the BoGs and the PBIP will be headed by the chief minister, while the deputy CM/minister in-charge, investment promotion department, will be its co-chairmen and industries minister as its vice-chairman.
The other members of the bureau will include six cabinet ministers, chief secretary and other secretaries concerned, while the CEO will also be its member-secretary. Besides, three technical experts and five representatives of trade, industry and commerce will be nominated by the government.
Deputy chief minister Sukhbir Singh Badal said that henceforth the investors would have to deal with just one officer (CEO) to set up projects.
The board of governors being an apex body for all matters relating to the bureau will be responsible for approving its regulations and procedures and allocating such functions to the executive committee and the CEO which were not otherwise specified.
The CEO will receive, process and approve all investment proposals, including new investments and modernisation, upgradation and expansion of the existing industrial units. He will coordinate all efforts of the state government to encourage new investments and its actualisation in the state in respect of all sectors of trade, commerce and industry.
The executive committee comprising important administrative secretaries will be chaired by the chief secretary. The committee will regularly monitor, supervise and review the functioning of the bureau.
It will also be responsible for organising campaigns, events, conferences and meetings for promoting Punjab as an investment destination both in India and abroad.