UP steps up efforts to reach out to 74 global firms looking to exit China

Amid reports that global corporations are exploring opportunities to move out of China following the coronavirus outbreak, the Uttar Pradesh government has stepped up efforts to woo such companies for investing in the state.

Upping the ante, the government has kick-started the process of confabulating, albeit over videoconference, with ambassadors of foreign countries, global business entities and representatives of companies.

Recently, UP micro, small and medium enterprises (MSME) and export promotion minister Sidhart Nath Singh and other senior officials had interacted with a group of leading industrialists and investors of the US, South Korea and Japan.

Yesterday, Singh held a webinar meeting with the ambassadors of five countries, including Italy, Belgium, and Denmark, apart from 74 members of the European Business Group (EBG), to discuss investment opportunities and the recent policy decisions taken by the Yogi Adityanath government.

Global firms such as Dow Chemical International, IBM India, KPMG India, Microsoft Corporation, Panasonic India, PepsiCo, and Domino’s were some that Singh reached out to.

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He underlined the state government was primarily focussed on attracting investors shunning China following covid-19.

“The state is working assiduously towards the industrial development goal as envisioned by the chief minister,” Singh said while assuring to provide all support to the foreign companies choosing to invest in UP.

Meanwhile, EBG lauded the recent labour reforms undertaken by the Adityanath government to address the challenges posed by the corona lockdown and the emergent need to create fresh jobs.

Denmark ambassador to India Freddy Svane proposed to forge MSME centric business tie-ups between the two countries, while computer peripheral major HP India revealed plans to set up a 3D printing centre for excellence in the state.

Stressing upon the improving business climate in UP under the present regime, the MSME minister recalled the development of Jewar International airport in Greater Noida apart from several other smaller airports to improve air connectivity.

“Besides, the works on improving the road connectivity through expressways are underway even as electronics manufacturing, warehousing, logistics and pharmaceutical parks have been proposed to bring about a radical transformation in the state’s industrial landscape,” he added.

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Meanwhile, the EBG suggested for the setting up of a dedicated European Union help desk in UP to resolve the grievances of businesses, which would send out a positive signal to investors and spur fresh investment.

On May 1, Korea Chamber of Commerce and Industry (KCCI) chairman Yongmaan Park told Singh that South Korean electronics makers were keen to investing in UP.

KCCI is the oldest and largest business organisation in Korea. Established as a public legal entity by a special act, it is composed of 73 regional chambers and more than 100 major institutions and organisations related to commerce and industry. KCCI represents approximately 180,000 member companies of all sectors viz. manufacturing to services, and domestic companies to foreign invested companies.