A high-level delegation led by UP health minister Sidharth Nath Singh will be visiting the US next week for a weeklong tour seeking to attract investment and sign memorandums of understanding (MoU) with companies.
During the 2-day UP Investors Summit on 21-22 February, the Adityanath government had garnered investment proposals worth Rs 4.68 trillion across sectors.
Singh would be hosted by the US-India Strategic Partnership Forum (USISPF) in USA during Apr 20-27. Apart from meeting the local business and investor community, he would also follow up over the MoUs signed during the Lucknow Summit under the USISPF aegis.
On October 23, 2017, top business leaders and representatives from blue-chip US companies under the USISPF umbrella had met UP chief minister Yogi Adityanath here to explore investment opportunities in the state. The delegation had the representatives of marquee US firms, including Boeing, Adobe, Facebook, Uber, Honeywell, Coca Cola, Mastercard, P&G, Oracle, GE Health, Monsanto, Medtronic, Azure etc.
At the meeting, Boeing had evinced interest in setting up Maintenance, Repair and Overhaul (MRO) infrastructure in the UP airports. Azure, Uber and Medtronic had also promised to expand their operations. In fact, the state government had announced to set up a monitoring cell in the chief minister’s office to monitor all investment proposals from US companies.
The UP delegation would highlight the industrial policy announced by the government and the proposed flagship projects, including Purvanchal and Bundelkhand expressways and the defence manufacturing corridor in Bundelkhand.
Recently, UP industry minister Satish Mahana had visited Dubai to woo the global investor community at the Annual Investment Meeting (AIM). The state government had hosted G2G (government to government) and B2G (business to government) meetings in Dubai to discuss investment opportunities in the state. AIM is among the world's largest congregation of the international investment community, academics and experts showcasing latest information, strategies and knowledge on attracting FDI.
Meanwhile, the Adityanath government is preparing to launch projects worth about Rs 350 billion in the coming weeks. This would be part of the total Rs 4.68 trillion of the investment proposals received during UP Investors Summit. Earlier, projects of Rs 250 billion were planned to be launched last month, however, it got delayed due to factors, including ongoing due diligence and lack of adequate preparations.
Last month, the government had directed for examining all investment proposals with regards to the respective company’s debt profile, financial status, turnover, business verticals etc. The government has identified nine priority sectors viz. housing, urban development, horticulture and food processing, IT and electronics, energy, solar energy, industrial development, tourism and information.