Uttar Pradesh chief minister Yogi Adityanath on Monday virtually laid the foundation of a Rs 5,500 crore Ikea project in Noida.
Ingka Centres, a part of Ingka Group that operates Ikea retail will invest Rs 5,500 crore to set up its second meeting place in India at Noida under the Lykli brand.
On this occasion, Yogi said UP has gained the confidence of domestic and international investors since 2017.
The Ikea project will feature a retail store, a hotel, office spaces, a shopping centre etc.
“Uttar Pradesh, India’s most populous state, currently contributes 9.2 percent to the nation’s economy. It has emerged as the second-largest state economy in the country, and is rapidly advancing as a key driver of India’s development,” Yogi said in his virtual address.
He said UP has emerged as the preferred investment destination across sectors.
Meanwhile, the project is expected to generate employment for 9,000 youth, and boost economic growth in the region.
The CM underscored UP’s flagship ODOP (One District One Product) scheme as a pioneering initiative apart from an improved ‘ease of doing business’ ranking.
UP actively contributes to national development through a sectoral policy covering 27 different sectors.
“By the end of this year, the Noida, Greater Noida, and Yamuna Authority areas will be connected to public transport facilities and India’s largest Noida International Airport at Jewar,” he added.
The Noida region is crucial for logistics, as it will intersect with the Eastern and Western Dedicated Freight Corridor in Gautam Buddha Nagar district.
Sweden Ambassador Jan Thesleff, UP industrial development minister Nand Gopal Gupta Nandi, MSME minister Rakesh Sachan, and IKEA India CEO Susanne Pulverer attended the event.