The Ministry of Food Processing Industries (MOFPI) has signed a Memorandum of Understanding (MoU) with Japan, Italy, Vietnam, and Taiwan.
Prahlad Singh Patel, Minister of MOFPI, and Jal Shakti said that under the automatic route, 100 per cent of foreign direct investment (FDI) is permitted in the food processing sector. He added that in 2021-22, there was USD 320.62 million of FDI in the food processing sector from ASEAN countries.
An MoC has been signed between the Ministry of Food Processing Industries, GoI, and the Ministry of Agriculture, Forestry, and Fisheries, Japan, for the promotion of investment in the food processing sector, including cold chain.
The MOFPI Ministry said that the MoU will enhance cooperation in the field of food processing to promote capacity building, skill development, exploring market potential and supply of advanced food processing technologies.
In order to cooperate in fields of standardisation and conformity assessment, the ministry has also signed a memorandum with the Bureau of Indian Standards of India and the Directorate for Standard, Metrology and Quality of Vietnam.
As Taiwan has been able to maintain effective cooperation in the field of agriculture, horticulture, animal husbandry, fisheries, aqua culture and food processing fields, the Ministry of Agriculture and Farmers’ Welfare has signed an MoU with Taipei Economic & Cultural Centre.