The Uttar Pradesh government has signed a number of agreements with investors in Singapore ahead of the UP Global Investors’ Summit in February next year.
UP Jal Shakti Minister Swatantra Dev Singh said on Friday that he sought Singapore's support for reaching a USD 50 billion investment commitments target.
The minister said he received a “very encouraging response” from his roadshows in Singapore and Sydney to promote the UP GIS. His was one of the eight delegations sent to more than 16 countries by the UP government to promote the Global Investors' Summit, to be held in Lucknow from February 10 to 12 next year.
At the Singapore roadshow on Friday, the UP government signed a memorandum of understanding (MoU) with the Singapore Indian Chamber of Commerce and Industry (SICCI) to set the pace for Singapore investors to participate in the prosperity of UP.
“Since we are pitching for investments, the SICCI will act as a bridge between investment companies and the UP government,” Singh said.
The SICCI will also act as a knowledge partner, provide avenues for growth, and define the trajectory for investors, said the minister, who is also holding a series of meetings with the Singapore government and trade officials.
Singh said that Uttar Pradesh was set to become a USD 1 trillion economy in tandem with the Central government’s target to build a USD 5 trillion national economy in the coming years.
“To achieve such targets, the UP government needs to have around USD 50 billion grounded as early as possible,” he said.
“Projects worth Rs 380,000 crore, raised from the 2018 UP Investors’ Summit, are in various phases of implementation,” he said during his investment promotion tour. “Another USD 5 billion is expected from UP GIS," he added.
Singapore is a partner country for UP GIS.
According to official sources, the team of ministers and officials, who are holding roadshows and meeting industrial groups in foreign lands, are successfully attracting investors as there is likely to be a Rs 15,000 crore inflow of foreign funds. The UP government received significant investment from Sweden. Swedish companies are ready to invest in retail, tourism and waste management in the state.
The Yogi Adityanath government has also received six MoUs worth Rs 1,200 crore from Vancouver, Canada, which proposes to create 600 employment opportunities. There have been extensive discussions with investors in countries like America and Singapore, in an attempt to make Uttar Pradesh an attractive place for investors.
Also, a delegation led by Industrial Development Minister Nand Gopal Gupta ‘Nandi’ and Public Works Department Minister Jitin Prasada met the Swedish business community during a roadshow in Stockholm on Thursday.
On the occasion, various business to business (B2B) and government to government (G2G) discussions were held regarding investment in sectors like defence, textile and garments, food processing, automobile and electric vehicles (EV), renewable energy, waste and water management and transportation.
On the other hand, Additional Chief Secretary (Sports and Youth Affairs) Navneet Sehgal and other Uttar Pradesh government senior officials assured the Swedish business community about the dedicated investment facilities and the strength of the state. The delegation also visited the IKEA Galerien in Stockholm. Cerner, a Swedish construction company, proposed to invest Rs 10,000 crore in the Film City project in Uttar Pradesh.
At the same time, Boson Energy proposed an investment of Rs 1,000 crore in waste energy projects, while investment proposals of about Rs 40 crore related to tourism were also received.
Significantly, in Vancouver, Canada, the UP delegation led by Assembly Speaker Satish Mahana and Animal Husbandry Minister Dharampal Singh received several investment proposals. The delegation signed six investment proposals with the business community, worth Rs 1,200 crore. These investment proposals are related to information technology (IT) parks, manufacturing units of aluminium and kitchen supplies, hotels etc.
These investment proposals are expected to create employment opportunities for more than 600 people. The delegation also met the Speaker of British Columbia, Raj Chauhan, and discussed the possibilities of investment in the state.
