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Chamber hails Press Note 18 changes

Our Bureau

Hyderabad , Jan. 13

THE Federation of Andhra Pradesh Chambers of Commerce & Industry (FAPCCI) has welcomed the announcement of the Prime Minister that the restrictive clauses of Press Note 18 for all future joint venture foreign partners would be done away with.

This move would facilitate collaborations with foreign partners based on free will sans Government interference. Stating this the President of FAPCCI, Mr O.P. Goenka, said hopefully the Government would do away with approvals that are still required for joint venture companies where either of the two parties invest more than 3 per cent.

The conflict of interest clause in the new joint venture agreements would pave the way for ironing out differences faster and upfront.

In a statement, Mr Goenka also appreciated the Andhra Pradesh Chief Minister for his Single Window Centre for investors with the formation of `AP Invest'. It runs parallel to the Prime Minister's lifting the restrictive clause of Press Note 18, he added.

The State would be the best destination for food processing and retail sectors, while tourism and real estate would have a lot to offer for any investor.

He expressed confidence that agencies such as the Transco, Genco and the Chief Inspector of Factories would participate in the Single Window and move in tandem to make it a success.

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