Rs 50,000 cr FDI in UP by two dozen foreign companies

Further boost expected from Global Investor Summit'23 scheduled for January '23

Lucknow: Owing to the sustained efforts of the Yogi Adityanath government in creating an investor-friendly environment in the state to boost industrial development, Uttar Pradesh has become the first choice of foreign investors.
Additional Chief Secretary Infrastructure and Industrial Development (IID) Arvind Kumar on Saturday said that 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,” he said.
He said that 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,” he said.
Companies from Japan, Korea, France, Canada, Taiwan, Belgium, Finland, USA and Sweden have invested under the UP 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 last two years, UP Industrial State Authority (UPCIDA) has received foreign direct investment of Rs 3,200 crore from seven different countries. Three companies of the UK and two companies of the USA have invested Rs 1,237 crore each 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.
Kumar said that GIS-23 is going to play a significant role in fulfilling CM Yogi’s resolve to make UP a 1 trillion-dollar economy. “The Investors will be introduced to the merits and specialties of Brand UP and that the current policies 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,” he said.
He said that 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 CM Yogi in the cabinet, roadshows will be organised abroad,” Kumar said.
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