After garnering investment proposals worth Rs 4.68 trillion at the recent UP Investors Summit 2018, the Yogi Adityanath government is now going global to attract international investors and business groups.
The state is gearing up to participate in the Annual Investment Meeting (AIM), Dubai during 9-11 April. The government would further its investment agenda at the global business and tourist hotspot and leverage it to position ‘Brand UP’ at the highest level.
“At Dubai, we would showcase UP and its strengths including vast consumer market, resources and industrial policy before the investor community. In effect, we would be taking forward the process of projecting the state as was done during the Summit in Lucknow,” UP industrial development minister Satish Mahana told Business Standard. He would be leading the state delegation, which would also comprise UP infrastructure and industrial development commissioner (IIDC) Anup Chandra Pandey and other senior officials.
“At the Dubai Summit, we would hold G2G (government to government) and B2G (business to government) meetings. We have also planned to organise a seminar to discuss the investment potential in the state. The idea is to position ‘Brand UP’ in the best possible manner before the international investors,” Mahana underlined.
AIM is among the world's largest congregation of the international investment community, academics and experts showcasing latest information, strategies and knowledge on attracting Foreign Direct Investment (FDI). The theme of AIM’s 8th edition is ‘Linking Developed and Emerging Markets through FDI: Partnerships for Inclusive Growth & Sustainable Development’. It is touted to be participated by 141 countries, 19,000 delegates and 535 exhibitors from around the globe.
Meanwhile, the Adityanath government is preparing to launch projects worth about Rs 350 billion soon. This would be part of the total Rs 4.68 trillion of the investment proposals received during UP Investors Summit on 21-22 February. 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 especially with regards to land and clearances.
Last month, the IIDC had asked 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.
The biggest takeaway of the UP Investors Summit was the announcement of defence manufacturing cluster in Bundelkhand, which is estimated to attract direct investment of Rs 200 billion and generate 3.3 million jobs. The cluster would span several districts in its catchment, including Aligarh, Agra, Jhansi, Kanpur, Lucknow and Chitrakoot.
Meanwhile, Mahana said UP was working diligently on the proposed Corridor and defence minister Nirmala Sitharaman was likely to visit Bundelkhand soon.