Mumbai: Times Now’s UP Investment Summit held recently in Dubai drew overwhelming response from UAE businesses. The move comes close as UP Chief Minister Akhilesh Yadav government launched an ambitious programme to boost all-round development of the state by attracting NRI investments across the globe, especially from the Middle East.
Five leading Indian-owned businesses have committed more than Rs25,090 crore (USD 3.68 billion) towards infrastructure and industrial development initiatives launched by Uttar Pradesh.
UAE-based companies have signed Memoranda of Understanding (MoU) with the high-level delegation of UP state officials visiting the UAE on Thursday, pledging to invest in the state’s upcoming manufacturing, utilities and healthcare initiatives. The names of the investors will be announced by the UP government in the coming weeks.
The high-powered delegation of UP officials was led by Alok Ranjan, Chief Secretary of the Uttar Pradesh government, Manoj Singh, Managing Director of the Uttar Pradesh State Industrial Development Corporation Ltd, Kanchan Verma, IAS Special Secretary (Infrastructure and Industries). The forum was supported by Indian Business and Professionals Council (IBPC) and attended by high-profile business leaders from the UAE.
The forum focused on promoting trade, investment and economic cooperation between UP and the Middle East with the state offering investment opportunities in major sectors, including manufacturing (especially food processing), infrastructure, energy, power and healthcare.
Speaking on this occasion, Alok Ranjan, Chief Secretary of the Uttar Pradesh government said, “The state offers enormous possibilities of enterprise and success to Middle East entrepreneurs. It is the biggest emerging market in India and the government is determined to continuously improve industry-conducive climate. By simplifying procedures and sprucing up the investment mechanisms across the states, the government is ensuring that investors are provided the best services and facilities from the project beginning to its implementation”.
Naveen Chandra, Head of International Business for Times Now, said “The diaspora is highly potent, India today receives more foreign exchange from remittances than from FDI. The central government’s ‘Make in India’ initiative has to effectively drill down to ‘Make in Indian States’ in reality for any impact and for achieving the broader objective, given our federal structure. It is Times Now’s constant endeavour to connect the opportunity in Indian states to the diaspora and to create high impact engagement platforms in various markets around the world. We are happy to partner and connect UP with potential investors in this forum.”
Over the past few months, Uttar Pradesh has taken a slew of measures in improving overall infrastructure & logistical facilities, including launching mega road projects, such as the 1047-km long, 8-lane Ganga Expressway along the course of the river Ganga, joining far east with national capital, Yamuna Expressway, likely to be completed soon to provide fast access to Agra and other major industrial cities such as Ghaziabad, Meerut, Hathras and a network of expressways are in the offing.
Numerous developmental projects in power, metro-rails, transport, education, health and urban rejuvenation are at different stages of implementation and there are many more in pipeline, reconfirming the state’s commitment to commercial opportunities for stability and growth.
Uttar Pradesh is being recognized across the globe as an important investment destination, the Abu Dhabi-based Lulu Group announced that it would be investing Rs1000 crore (AED550 million) to set up a shopping mall, convention centre and five-star hotel in the state. Lulu’s initiative is expected to create more than 3,000 jobs once the project is completed.
The session was moderated by Sunanda Jayaseelan, Senior Producer Features from a leading business news channel, and the show will be broadcast in over 80 countries, including the Middle East.