The state has been trying to attract investments from Fortune 500 and Fortune India Next 500 companies across sectors such as telecom, energy, retail, insurance, banking and financial services.
Published by the Fortune magazine, Fortune 500 is an annual list ranking the top 500 largest companies in the US by revenue, while Fortune India’s Next 500 is an annual ranking of India’s largest emerging companies.
The Yogi Adityanath-led government is positioning UP as a preferred investment hub in South Asia. The state is working closely with Indian embassies and global institutions while targeting investors in the US, Japan, China, France, Denmark, Taiwan and other key economies for inward investment.
“We have implemented our China+ strategy to garner investment from global and domestic companies across sectors. So far, we have already engaged with 200+ international corporations,” a senior UP official said. The China+1 strategy adopted by global corporations aims to diversify manufacturing and supply chains beyond China to insulate long term business plans.
The state officials have held discussions with more than 30 companies from the US, 30 from Germany, 20 from Japan, 14 from China, 7 each from Switzerland and France, 6 from Denmark, and 5 from Spain. According to the officials, all these companies have expressed interest in investing in the state.
Out of 574 production linked incentive (PLI) projects approved by the Centre, 70 companies are currently operating in UP, whereas 11 are working on new projects, and 20 have directly signed MoUs with the state government. Active follow-ups are also underway with 473 companies to accelerate investment.
To woo global investors, the state is showcasing its expanding infrastructure network of expressways, airports and industrial hubs, along with improved law and order, an ‘Ease of Doing Business’ push, a single- window clearance system, and an array of new and amended policies.
At the UP Global Investors Summit (GIS) held in Lucknow in February 2023, the government had received more than 27,000 proposals worth nearly ₹40 trillion. Building on this momentum, it now plans to host UP GIS 2.0 in 2025- 26 with the aim repeating its feat in terms of investment.
In this regard, the Yogi government is positioning UP as a preferred investment hub in South Asia, and is working closely with the Indian embassies and global institutions.
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