After taking charge of the state in 2017, the Yogi Adityanath government has transformed the landscape of Uttar Pradesh, positioning it as a dream destination for investment, not only for Indian investors, but investors from across the world.
The significant increase in the inflow of foreign direct investment (FDI) into the state is a testament to the shift in investors’ perception of Uttar Pradesh.
Under Chief Minister Yogi Adityanath’s leadership, the state government has attracted approximately Rs 10,000 crore of foreign investment through various channels from 2017 to 2022. In 2023, foreign investment of Rs 3,372 crore has been realised, with the possibility of FDI inflow reaching Rs 3,700 crore in the upcoming groundbreaking ceremony (GBC).
According to the data from Invest UP, the nodal department for industrial investment in the state, Uttar Pradesh attracted Rs 1,738 crore of foreign direct investment (FDI) in the financial year 2020, accounting for 0.49 per cent of the total FDI in the country. In the year 2021, the state received an FDI of Rs 4,861 crore, constituting 1.10 per cent of the total FDI in the country.
Similarly, in the financial year 2022, Uttar Pradesh attracted Rs 3,357.57 crore of FDI, making up 0.77 per cent of the total FDI in the country. In the financial year 2023, Invest UP reports that the state has already received Rs 3,372.72 crore of FDI, contributing 0.92 per cent to the total FDI in the country.
During this period, several major foreign investors have expanded their commercial ventures in Uttar Pradesh, including Samsung (South Korea), Microsoft (USA), Uber (USA), PepsiCo (USA), Fairfox (USA), Hindustan Unilever (UK), AB Mauri (UK), Air Liquide (France), Sify (USA), STT Global (Singapore), NTT (Japan), Lulu Group (UAE), Vivo (China), Haier (China), Holitech (China), Sunwoda (China), Luochuang LI (China), and others.
Several international investors are planning to expand their projects in Uttar Pradesh in 2023-24. It is expected that these investors will contribute an investment of Rs 3,700 crore. For instance, the UK-based Susteen Ltd is set to establish a ‘Sustainable Protein: Protein from Sugar’ project in Muzaffarnagar with an investment of Rs 500 crore. This project aims to produce protein from sugarcane and will create job opportunities for 100 people.
Similarly, Sharaf Group from the UAE will invest Rs 1,250 crore to establish a logistics park in Kanpur, providing employment for 1,250 individuals. Moreover, USA’s Perosphere India will set up a project involving a novel coagulometer system consisting of both coagulometer reader and cuvette (disposable component) in Gautam Buddha Nagar with an investment of Rs 570 crore, creating job opportunities for 225 people.
The list of investors includes USA’s eKuber Ventures, which will invest Rs 82 crore in farmhouse and eco-tourism in Shravasti, creating employment for 500 people. Singapore’s International Traders and Investors PTE Ltd. will invest Rs 50 crore in a food processing project in Lucknow, creating jobs for 200 people. USA’s Univest International will invest Rs 550 crore in a residential township in Lucknow, offering employment to 250 individuals.
Similarly, Australia’s SGC City Center Developers Pvt Ltd will invest Rs 25 crore to establish an IT Park in Siddharth Nagar, providing jobs for 100 people. Switzerland’s Editingo International (Big Hearts) will set up a Rs 330-crore food processing plant in Agra, creating 800 job opportunities. Additionally, UAE’s DP World will invest Rs 220 crore in a Logistics Park in Kanpur Nagar, providing employment for a thousand people.
Furthermore, Japan’s Fuji Silvertech will invest Rs 150 crore in Gautam Buddha Nagar for the construction material project, generating employment for 200 people. Fuji Silvertech is also the first enterprise in Uttar Pradesh to receive land subsidy under the FDI policy.
