India: UP gets investment proposals from UAE

According to a press release, UP CM Yogi Adityanath’s model of governance is well-liked around the world and the teams representing the UP government on roadshows abroad are receiving significant investment ideas for the state.

In the United Arab Emirates (UAE), up to 25 investment bids totaling 20,000 crore had been received, and DP World had expressed interest in forming a joint venture in the logistics and cargo sectors. Additionally, the addition of retail outlets and upscale malls in Uttar Pradesh will require an investment of 4,000 crore from Sweden’s Ikea, a company that manufactures furniture, home furnishings, and appliances.

In Varanasi, the Gemini Corporation of Belgium had already expressed interest in building a 200 crore plastic recycling facility. JMQ Global, a Canadian business, expressed interest in investing in the health technology market in UP.

Also Read: Why India Is Slow On Chinese FDI Investments

In order to invite international companies to the Global Investors Summit-2023, which is scheduled to take place in Lucknow from February 10 to 12, Chief Minister Yogi Adityanath sent teams from the state government to hold roadshows abroad. This was done in an effort to attract investments totaling Rs. 10 lakh crore.

On Wednesday, roadshows were held by four teams in Vancouver (Canada), Stockholm (Sweden), Tokyo (Japan), and Buenos Aires (Argentina). On Friday, Keshav Prasad Maurya, the deputy chief minister, and Yogendra Upadhyay, the minister of information technology, will go to the Netherlands and France to start roadshows there.

In the meantime, a delegation from the UP government, headed by the minister of finance, met Sanjay Govil, the head of Infinite Computer Solutions, in New York. For the construction of IT campuses in Noida and Lucknow, the company offered to sign an MoU and commit over 500 crore in the near future. Ajay Srivastava, co-founder and MD of e-Kuber Ventures, spoke about new data centres in Uttar Pradesh, according to a post on social media by chief minister’s advisor Awanish Kumar Awasthi.

The state government announced: “Hon’ble Finance Minister Shri @SureshKKhanna visited Mr. Avi Basu, founder and CEO Wingsure in New York,” in another tweet from the UP Investors Summit account. On how farmers could profit from technology in agriculture, discussions took place. Additionally, a pilot project in UP was discussed.

Other social media posts revealed that a state delegation to Canada is being led by Satish Mahana, speaker of the state legislative assembly, and Dharam Pal, minister of animal husbandry. Invest UP and Canada India Global Forum have signed a memorandum of understanding (MoU) to promote the Global Investors Summit in 2023.

For participation in the GIS, the CIGF will deploy a high-level delegation of Canadian investors. Agreement for a textile machinery factory with a budget of Rs 2,500 crore.