Extending a red carpet welcome to business tycoons for investment in the state, Punjab Chief Minister Bhagwant Mann on Friday reiterated the state government's commitment to make it an industrial hub of the country.

"I invite you to not only invest in the best but to become active partners for creating mutually beneficial atmosphere for industrial development," Mann said while interacting with industry tycoons here.

The Chief Minister asserted that due to a congenial atmosphere, Punjab has emerged as the favourite destination for investment, an official statement said.

Listing out various steps taken like dedicated single window system and cheap power, Mann said manufacturing sector is the key for industrial growth as well as to create employment opportunities to check brain drain.

He said reforms undertaken on both governance and economic fronts by the government will usher in a new era of growth and prosperity.

Mann noted that due to industry-friendly policies of the AAP government, Punjab has emerged as the most preferred destination for industrialists.

Citing an example, he claimed that after Jamshedpur, the biggest ever investment by Tata group is in Punjab as on Friday itself the state government handed over a letter to them for setting up a scrap-based steel plant at an investment of Rs 2,600 crore in the first phase at Ludhiana.

Uninterrupted power, corruption free administration, supportive government machinery, pool of skilled labour coupled with pro-industrial policies will further give boost to industrial development in Punjab, he added.

Mann further said the state government is mulling to start its own trains for showcasing the history, legacy and development of Punjab in other parts of country to attract investors.

He also said Punjabis have been blessed with a spirit of hard work, dedication and entrepreneurial skills, due to which they have carved a niche for themselves across the globe.

(Inputs from PTI)