Owing to the sustained efforts of the Yogi Adityanath government in creating an investor-friendly environment in Uttar Pradesh to boost industrial development, the state has become the first choice of foreign investors. Over two dozen countries have invested more than Rs 50,000 crore in the state. Besides, the Global Investors Summit-23 (GIS) to be held in January next year is likely to increase Foreign Direct Investment (FDI) further in the state.
The Department of Infrastructure and Industrial Development has set up a dedicated helpdesk for attracting foreign investment. In the last five years, investment proposals worth over Rs 26,371 crore have been received from 12 countries and land has been allotted for about 39 projects. The investment from countries like Singapore, USA, Japan, UK, Canada, Germany and South Korea will provide employment to over 38,000 people in the state.
Moreover, companies from Japan, Korea, France, Canada, Taiwan, Belgium, Finland, USA and Sweden have invested under the Uttar Pradesh Electronics Manufacturing Policy 2020 of the IT and Electronics Department. Resultantly, places like Noida and Greater Noida have emerged as the hub of mobile manufacturing. Tegna Electronics Cluster is coming up on 100 acres in Greater Noida.
In the next five years, Yamuna Authority (Electronic City), Bundelkhand (Defence Electronics Clusters), and Lucknow-Unnao (Medical Electronics Cluster) will be established by the department. Under the Uttar Pradesh Electronics Manufacturing Policy 2017, an investment of Rs 20,490 crore has been received from foreign investors, whereas under the Uttar Pradesh Electronics Manufacturing Policy 2020, foreign investors have made investment proposals worth Rs 300 crore.
In the last two years, Uttar Pradesh Industrial State Authority (UPCIDA) has received foreign direct investment of Rs 3200 crore from seven different countries. Three companies of the United Kingdom and two companies of the USA have invested Rs 1237 crore and Rs 1237 crore respectively, whereas French firms have invested Rs 307 crore in the state. Besides, companies from Canada and Cyprus as well as two German firms have invested Rs 1.25 crore, Rs 10 crore and Rs 60 crore respectively.
The Global Investors Summit-23 (GIS), to be held next year in January, is expected to further boost foreign investment in the state. The government is preparing an action plan in this regard. A letter has been written to 93 embassies, foreign industrial organisations, Ministry of External Affairs and Invest India in this context, seeking maximum information related to investment and industries. Besides, such sectors are also being identified in foreign countries, having more investment potential in the state. In addition, cooperation has also been sought regarding GIS-23.
Investors will be exposed to merits and specialities of Brand UP abroad: Arvind Kumar
Arvind Kumar said that GIS-23 is going to play a significant role in fulfilling CM Yogi’s resolve to make UP a $1 trillion economy. The investors will be introduced to the merits and specialities of Brand UP and the current policies that are being upgraded keeping in view the foreign investment. During the roadshows, complete information will be given about the policies of the government abroad and the changing environment of the state. Efforts to attract more and more foreign investment will be made.
More than two dozen policies are being upgraded by the departments keeping in mind the foreign investors. Besides, several new policies are being worked upon. Once the policies are approved by Chief Minister Yogi Adityanath in the cabinet, roadshows will be organised abroad, informed Kumar.
The policies include Food Processing, Defence and Aerospace Manufacturing, Electronics, MSME, Pharmaceutical Manufacturing, Pharma, Textile Industry, Civil Aviation, Information Technology, Milk, EV and Solar Energy, Tourism, Private Industrial Park, Biofuel, Data Centre, Startup, Integrated Township, Warehousing and Logistics and Electronics Manufacturing Policy 2020.
Moreover, new policies like Cyber Security, Uttar Pradesh IT, Animation, VFX, Gaming and Comics (AVGC), and MRO policy, among others are also being formulated.