Chandigarh, Dec 4 : Punjab Chief Minister Bhagwant Mann on Thursday said he had roped in investment of Rs 500 crore as a Japanese steel giant has agreed to expand its collaboration with a steel company in the state.

Japanese steel giant Aichi Steel signed a memorandum of understanding (MoU) in the presence of the Chief Minister during his visit to the Japanese company, on the third day of his visit to Japan.

Chief Minister Mann said it is a 'red letter day' for the state as the Japanese steel giant, better known as the steel arm of Toyota, has inked this MoU to give a fillip to the industrial development in the state.

The Japanese steel giant will study future factory operations in Punjab, including a feasibility assessment for an investment of about Rs 500 crore, he said.

Mann emphasised that Punjab places a high priority on helping existing Japanese companies grow their business and operations in the state. He envisioned that technical cooperation from the Japanese firm would herald a new era of industrial revolution in the state.

The Chief Minister also extended an invitation to the Japanese firm's leadership to participate in the Progressive Punjab Investors' Summit 2026, on March 13-15, 2026, in Mohali, for encouraging deeper engagement and expanded investments.

The summit will showcase Punjab's progress, bring together leading industrial players, and present new opportunities for partnership and collaboration, he said.

He expressed hope that Japanese investors will join this summit in a big way and further accelerate the industrial development of the state.

The Chief Minister said the goal of the state government is to create new opportunities for the youth and a stable, reliable environment for investors.

Recalling Punjab's ties with Japanese industry, he added that these relations are already strong and growing, adding that several well-known companies of Japan have placed their trust in Punjab.

/IANS