Uttar Pradesh govt funnels 11 new FDI proposals worth ₹13,610 crore

Uttar Pradesh has netted 11 fresh foreign direct investment (FDI) proposals worth more than ₹13,610 crore, aiming to emerge as a major investment destination.  These proposals have been received under the Uttar Pradesh FDI/FCI (foreign capital investment), Fortune Global 500 & Fortune India 500 Companies’ Investment Promotion Policy 2023.

 

The US, Japan, Belgium, the United Kingdom, Poland, and Singapore are among the state’s key global investment partners. While information technology, electronics, and manufacturing are gaining traction in UP’s investment landscape, banking, finance, pharmaceuticals, life sciences, insurance, media and entertainment are also emerging high-potential areas.

 

Reviewing the new FDI proposals, Chief Minister Yogi Adityanath claimed that UP has moved from being a state of 'investment potential' to one of 'investment confidence'. He directed officials to foster close communication with investors and ensure that delays do not occur at any stage.

 

Meanwhile, FDIs worth $683 million have already flowed in the state till September in the current financial year, a senior official said. In the last six years, UP's cumulative foreign investment kitty has burgeoned to more than $2.75 billion, he added.

 

Moreover, UP has received 22 investment proposals worth ₹17,810 crore, while 29 additional proposals worth ₹56,000 crore are currently under process. This way, UP’s composite investment proposals’ pipeline under the FDI and other policies is to the tune of ₹87,000 crore.

 

To attract global investments, UP has established foreign country desks for Japan, South Korea, Taiwan, Germany, France, Singapore and the Gulf nations. They coordinate with the embassies, high commissions and trade bodies. Over 100 meetings have so far been held with foreign investors by ‘Invest UP’.

 

Meanwhile, agreements with the Japan Business Organisation and the Singapore International Chamber of Commerce are being translated into concrete investment opportunities. Further, 40 Taiwanese companies have been identified as potential investors, even as an investment pipeline of around ₹100 crore is already in place.