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Kolkata, Sept. 26 The US Consul General, Ms Beth Payne, on Friday said that American investors were shying away from investing in West Bengal because of the Singur problem.

American investors, she said, were looking for stability, transparency, rule of law and, most importantly, a respect for agreements and contracts. “Unfortunately, conflicts like the one we are seeing in Singur cause them to question whether the State can offer these essential elements,” she said, speaking at an interactive session organised by Confederation of Indian Industries on Friday.

There was concern among investors that signed agreements might be discarded because of political reasons. “They also worry that their workforce will not feel secure if there is a disagreement about contracts signed with government agencies,” she said.

The investors were also watching how disputes such as the one in Singur are resolved. “American investors are noting whether they are resolved quickly, non-violently and with an understanding that signed agreements must be upheld. They want to know that their investment project is free from political battles and that other entities will not interfere with their business model,” she said.

The US India Business Council (USIBC), which was keen on coming to Kolkata, has now decided to bypass West Bengal, she pointed out. The companies, which were a part of the trade mission, were sceptical about the fate of their investments in the State, she said.

“These companies asked, if Ratan Tata cannot succeed in West Bengal how can an American investor hope to succeed there?” she added.

More Stories on : Investments | Industry Associations | Politics | West Bengal

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