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Punjab has become a preferred investment destination with investments of Rs 99,000 crore in various sectors from across the globe in the past four and a half years, state Industries and Commerce Minister Gurkirat Singh said on Sunday.

The sectors include bicycle, agriculture and food processing, logistics, pharmaceuticals, chemicals, textiles and alloy and steel, he said, adding that the investments are coming mainly from the US, the UK, the UAE, Denmark, Germany, France, Spain, Italy, Japan, South Korea, New Zealand, and Singapore.

Singh said the state has not only witnessed global firms investing but also the existing players have expressed satisfaction and enthusiasm by expanding their presence and operations.

"The investors' confidence in the growth story of Punjab even amidst the Covid-19 crisis is a testimony to the state's strong infrastructural and policy framework," he said.

"We have always got required support from the Punjab government, which makes the state a nice place to live and work. Punjab is a state of young people, there is a good opportunity for auto-companies to setup their units," a statement quoted SML Isuzu Lts Director Eiichi Seto as saying.

He said that they have never faced a labour shortage in the state.

The state has made consistent efforts to develop an ecosystem where both the domestic and global businesses can thrive competitively, the statement said.

Punjab is holding the two-day Progressive Punjab Investors' Summit from October 26.