Aiming to become a preferred investment destination in South Asia, Uttar Pradesh has put on radar three global regions viz. USA, Europe and Japan for attracting Foreign Direct Investment (FDI) in different sectors.
Under this agenda, the Yogi Adityanath government 2.0 has established three dedicated wings to woo investors and top companies in these three regions, which are reckoned for free movement of capital.
According to ‘Invest UP’, the state’s apex investment promotion agency, the government has set up an ‘America+ desk’ to engage with the investors in USA and Canada.
Similarly, the ‘Europe+ desk’ will facilitate investment from the UK, Netherlands, Germany, France, Spain and Switzerland; while the ‘Japan+ desk’ will deal with investors and business groups in Japan and South Korea.
These wings will, among other tasks, facilitate land acquisition for proposed FDI projects in UP.
Earlier, with a view to attracting FDI from leading countries, the UP government had announced a dedicated Fortune Global 500 and Fortune India 500 Companies’ Investment Promotion Policy 2023.
UP chief secretary Manoj Kumar Singh, who also holds the additional charge of UP
Infrastructure and Industrial Development Commissioner (IIDC), emphasised the importance of the state’s FDI policy in driving economic growth and creating job opportunities.
“The establishment of these country-specific desks reflects our commitment to creating an investor-friendly environment in UP. We will leverage the expertise of our dedicated teams to attract significant foreign investments, which will catalyse industrial development and economic prosperity in UP,” he said.
These investment-centric initiatives are expected to feed the state’s overarching $trillion economy goal.
These country-region specific investment-facilitation desks have been manned by senior bureaucrats to ensure prompt redress of grievances and faster gestation of projects.
These desks are designed to offer tailored support and streamline the investment process for companies from different countries.
Their key functions include: end-to-end investment facilitation and aftercare; facilitate information on sector-specific opportunities, investments; facilitate companies in identification of sites and assist in land acquisition; facilitate Public Private Partnerships (PPP); facilitate investors in obtaining necessary approvals etc.
At the UP Global Investors Summit (GIS) 2023, UP had garnered investment proposals to the tune of Rs 40 trillion from domestic and global investors.