The Uttar Pradesh government set up a dedicated panel to facilitate investment from US, South Korea and Japan.
The panel will meet every fortnight to implement facilities extended by the state government for potential investors and particularly multi-national companies (MNCs) of the USA, Japan and South Korea willing to relocate businesses out of China and come to India.
This is one of the many steps taken by the Yogi Adityanath government to reboot economic and industrial activities post-lockdown. A meeting of Industries department chaired by Industries minister Satish Mahana and MSME Minister Sidharth Nath Singh was held in Lucknow on Thursday.
UP Infrastructure and Industrial Development Commissioner (IIDC) Alok Tandon set up a panel, chaired by Pradeshiya Industrial & Investment Corporation of UP (PICUP) Managing Director with additional chief executive officer of NOIDA and two officials of industry interface Udyog Bandhu as members.
Tandon said that the panel was set up in view of situations pointing towards various companies relocating out of China to other countries, especially India.
“With competitive and progressive investment-oriented policies in place, UP is ready to welcome new foreign investments backed by labour reforms and sector-specific policy interventions. The panel would function to attract and facilitate investment specifically from US, South Korea and Japan,” he said.
“UP has a huge potential for companies from these countries in micro, small and medium enterprises (MSME), food processing, automobiles, IT and electronics, auto-components, defence sectors and big infrastructure projects etc. and this is the time to capture opportunities generated in the present scenario,” Tandon underlined.
Under this new mechanism, investors from South Korea, Japan and the USA will communicate their issues on three distinct email ids viz southkoreahelpdesk@udyogbandhu.com, japanhelpdesk@udyogbandhu.com and ushelpdesk@udyogbandhu.com respectively. These mails will be monitored by panel members for speedy resolution under overall guidance of senior officials of Industrial Development department.
So far, UP MSME and Export Promotion Minister Sidharth Nath Singh and other officials have interacted with a group of leading industrialists and investors of US, South Korea, Japan and Thailand.
Recently, Singh also held a webinar with ambassadors of five countries, including Italy, Belgium, Denmark, apart from 74 members of European Business Group (EBG) including Dow Chemical International, IBM India, KPMG India, Microsoft Corporation, Panasonic India, PepsiCo, Domino’s etc, to discuss investment opportunities and recent policy decisions taken by the state government.