With incentives, secure investment pitch, CM woos foreign investors | Lucknow News – DollarJob

With incentives, secure investment pitch, CM woos foreign investors | Lucknow News


In a bid to attract foreign investment in Uttar Pradesh, Chief Minister Yogi Adityanath on Tuesday assured industrialists that their “interests” would be secured in the state and promised incentives under different schemes, especially through “one-of-its-kind” FDI and Fortune Global 500 Policy.

Speaking at a conclave titled “UP: An emerging destination for foreign investment in India” on the second day of the GBC-IV (Fourth Ground Breaking Ceremony) for about 14,000 projects worth Rs 10 lakh crore, Adityanath said: “I invite FDI and Fortune Global 500 companies to invest in Uttar Pradesh and make use of our policy tailored for them… I assure them that their investment in Uttar Pradesh would be completely protected and that UP would provide them the new incentives to do business here.”

Adityanath claimed that in the last four years (2019- 2023), UP received “four times” the foreign direct investment (FDI) got by the state in 17 years from 2000-2017, and credited it to the “secure environment provided by the state for investment”. “Every investor wants to invest in a secure environment, and Uttar Pradesh is providing this environment today… Uttar Pradesh has emerged as the dream destination for investors, including for Foreign Direct Investment. Last Year’s Global Investors Summit attracted investment proposals worth $400 billion, which is proof of the same,” the chief minister said, adding that 14 Fortune Global 500 companies are operating in the state, including Samsung, Microsoft, PEPSICO, Reliance Industries, Tata, Hindustan Unilever, IKEA among others.

Adityanath said UP has overcome the image of being one of the “BIMARU” states and has not just jumped from being the sixth biggest economy in the country to the second largest economy. “UP is now a revenue surplus state,” he added.

The chief minister said that his government has committed itself to achieving the targets set by Prime Minister Narendra Modi and is determined to become the country’s growth engine. “We have embraced the Prime Minister’s vision as our mission, implementing targeted policies across various sectors and fostering a conducive environment marked by exemplary law and order,” said the chief minister. “Seven years ago, Uttar Pradesh was labeled a BIMARU state and was perceived as a hindrance to the nation’s progress. However, today, Uttar Pradesh has shed this label, emerging as a state of ‘Unlimited Potential’,” Union Minister Piyush Goyal, who was also present at the conclave, praised the BJP government in the state, saying “good governance is clearly visible in UP”.

Festive offer

“The central and state governments are working together as a double engine for the welfare of the poor and development of new infrastructure at a rapid pace… Today, the whole world is talking about UP and Lucknow. UP has witnessed a rapid pace of change under the leadership of Yogi Adityanath and the guidance of Prime Minister Narendra Modi. The state is not going to stop now,” Goyal said.

Among the business leaders and industrialists who attended the event were MA Yusuf Ali, chairman of the Lulu Group; Sharafuddin Sharaf, the vice-chairman of Sharaf Group; Benoit Renard, managing director of Air Liquide among others.

“Investors look for four things before investing: visionary leadership, resources, good infrastructure, and ease of doing business. We have all these things available in India and Uttar Pradesh,” Yusuf Ali said. “Our relationship with India and UP will prove to be a milestone. This is because we treat each other like a family,” Sharaf said.

Benoit Renard, MD of Air Liquide, said, “Whenever needed, we got the required support from India and UP for our decision to invest in a venture. On behalf of Air Liquide Group, I would like to express our strong commitment towards progressive investment in India in the coming years.”

Carmelo Espeleta, CEO of Dorna, appreciated the opportunity provided by the UP government to host events like MotoGP India. Informing that MotoGP created 12,000 employment opportunities, Dorna said, “80 per cent of the spectators came to watch the event in UP from outside. In particular, 5,000 international staff and journalists participated from abroad. The year 2023 marks an important milestone for MotoGP”.


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