Ground ready in UP for investments from US

  • IANS
  • Stock Market News
Ground ready in UP for investments from US
Credit: © Reuters.

Lucknow, Oct 18 (IANS) Amid the ongoing efforts to make Uttar Pradesh a global hub of industrial investment, the US-India Strategic Partnership Forum (USISPF) delegation met Chief Minister Yogi Adityanath here on Tuesday.

During the meeting, the state's Infrastructure and Industrial Development Commissioner introduced the delegation to the steps taken by the government to upgrade roads, railways, waterways and air infrastructure, progress in the defence corridor as well as 25 industrial/sectoral policies in Uttar Pradesh.

Welcoming the USISPF delegation, the Chief Minister said that Uttar Pradesh is the largest state in India with a population of 25 crore.

"We have the biggest landbank. The state has various industry-friendly policies along with strong law and order. We are not only self-sufficient in food grains production, but are also exporting. Uttar Pradesh has the best fertile land in the country. As per the vision of the Prime Minister, USISPF can play a positive role in fulfilling our resolve to make Uttar Pradesh a $1 trillion economy state," Adityanath said.

He added that India is the largest democracy in the world and the US is the largest economy, and if the two countries work together, it will be beneficial for world humanity. So, the USISPF has a great responsibility to further improve the strategic relations between India and US, he said.

The Chief Minister informed that Uttar Pradesh is organising the Global Investors Summit from February 10-12, 2023. This summit is an excellent opportunity to further strengthen Indo-US bilateral trade ties, he said.

Cooperation is expected from USISPF in this important work, Adityanath added.

Stating that there is a huge market in Uttar Pradesh, the Chief Minister said that many American companies like Amazon (NASDAQ: AMZN ), Microsoft (NASDAQ: MSFT ), Adobe (NASDAQ: ADBE ), PepsiCo (NASDAQ: PEP ), Synopsis and Walmart (NYSE: WMT ), among others, are already working in Uttar Pradesh, and all of them have good experience. The government is taking care of the business interests of all, he said.

"We are committed to safeguarding the interests of every single investor in Uttar Pradesh. All possible help will be extended to the investors by the state government. Not only will the interests of investors be protected in the state, we will also ensure their security," he added.

The 30-member delegation that met the Chief Minister included Mukesh Aghi, President and CEO of USISPF; Nandita Bakshi, President and CEO of Bank of the West; Ajay Singh, Chairman, SpiceJet (NS: SPJT ); Rajiv Agarwal, Head of Public Policy, Meta (Facebook (NASDAQ: META )); CEO of Standard Chartered (LON: STAN ), Zareen Daruwala; and ex-Foreign Secretary to Government of India, Kanwal Sibal, along with other senior officers.

Mukesh Aghi said, "What Uttar Pradesh has received since 2017 is unprecedented. The splendid work done by the Chief Minister in the field of law and order and infrastructure development could not have been imagined in the state till some time ago. Many US companies investing in China are looking towards Uttar Pradesh now.

"The upcoming Global Investors Summit is going to be very useful in this regard. The USISPF is ready to host the Chief Minister in the US during the Global Roadshow ahead of the Summit. This visit will be of immense success in its objectives. A 'US-UP Strategic Partnership Forum' will be formed on the lines of USISPF for the overall development of Uttar Pradesh."

Vaishali Sinha, Chief Sustainability Officer, Renew Power Foundation, said, "In the midst of ever-increasing environmental challenges, the world is on the verge of adopting renewable energy. The climate of India is very favourable in terms of solar energy. If concerted efforts are made, it can become a global leader in the field of solar energy."

Kanwal Sibal said: "If China's economy is at its height today, America has played a big role in it. Strategic relations between India and the US have strengthened in the new era. Uttar Pradesh should try to take direct advantage of this."

Zareen Daruwala said, "We have a significant presence in the banking sector of the world. We have studied the improving environment and purchasing power of common man in Uttar Pradesh, the investment-friendly policies of the government and the excellent industrial environment in Uttar Pradesh in recent years. We are planning to start our business partnership with Uttar Pradesh. I would also suggest to the government to focus on encouraging the textile industry here."

Ajay Singh said, "Uttar Pradesh and our relationship has been strong since the beginning. We are currently working on a plan to develop a major cargo hub at Jewar Airport. This project will not only help Uttar Pradesh to take the country's exports to new heights."

Rajeev Agrawal, Head of Public Policy, META (Facebook), stated, "We are working on a plan to leverage our significant presence as a leading social media platform for skill enhancement of entrepreneurs of the state. According to the plan, in the first phase, we will help entrepreneurs of five districts to become digitally literate. We will connect with the digital market even those whose business is not online."

--IANS

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