Sweden is likely to invest 15,000 crore in UP
LUCKNOW Business from Sweden has expressed interest in investment worthy ₹15,000 crore in Uttar Pradesh. The business proposals were submitted during the Stockholm Investment Roadshow held on Wednesday, according to a statement.
Industries Minister Nand Gopal Gupta and PWD Minister Jitin Prasada led a state government delegation there and invited Swedish business houses to UP’s Global Investors Summit 2023.
“Sweden has chosen UP as its investment destination in India. Investment proposals for Film City, retail, tourism and waste management were submitted at the roadshow, the statement said. Ikea filed a letter of intent to expand its stake in UP as it plans to invest ₹4,300 crore to set up its retail stores and luxury malls in Noida, among other cities.
“The Swedish construction company Serneke intends to invest ₹10,000 crore in the Film City project in Uttar Pradesh,” it said.
Meanwhile, six MoUs involving investments by ₹1,200 crore was subscribed in Vancouver, Canada. At a meeting of the UP government delegation in New York with iCreate founder Parag Amin, an MoU was signed to establish foster start-ups in UP.
Another memorandum of understanding was signed in New York for investment in UP after discussion with InBev’s Andreas Payet, the global vice president (regulatory and public affairs), it said.
Other companies that have filed intent to invest include Luxembourg-based Boson Energy (for ₹1,000 crore) to set up waste to energy projects. Investment opportunities in sectors including defence, textiles and clothing, food processing, automobiles and electric vehicles (EVs), renewable energy, waste and water management and transport were discussed at various meetings there.
Senior officials of the UP government, including Navneet Sahgal, Additional Chief Secretary (Sports and Youth Welfare), Senthil C Pandian, Commissioner of Excise, and Pranjal Yadav, Secretary, MSME Department, presented the strengths of the state and assured the red carpet, dedicated framework for investment facilitation to Swedish business .
State Legislative Assembly Speaker Satish Mahana and Animal Husbandry Minister Dharam Pal led a delegation in Vancouver, Canada, and discussed investment opportunities in Uttar Pradesh. The delegation signed six MoUs worth investments on ₹1,200 million there. The MoUs concerned the establishment of IT parks and manufacturing units of aluminum and kitchen appliances.
“UP Aims to Become a $1 Trillion Economy”
Another roadshow was held at the Consulate General of India in New York in association with the US-India Strategic Partnership Forum and the Confederation of Indian Industry on 13 December. Finance and Parliamentary Affairs Minister Suresh Khanna led the delegation.
In his speech, Suresh Khanna said, “2014 ushered in a new era in India. UP aims to become a trillion dollar economy and has made many changes that can demonstrate to stakeholders its commitment to safety, security, land availability, zero harassment, economic policies and incentives.”
He said that Denmark, Singapore, United Kingdom and Mauritius had already shown interest in GIS-2023. “There is no risk of policy changes due to the stable nature of the government, creating an attractive opportunity for investors,” the minister said.
Sidharth Nath Singh said that per capita income had doubled and UP was a leading state in terms of GDP. He highlighted the state government’s successful programs like One District, One Product (ODOP) and Swachh Bharat. Taranjit Sandhu, India’s ambassador to the US, said Chief Minister Yogi Adityanath was committed to making the state the powerhouse of the Indian economy through a business-friendly ecosystem, improved manufacturing capacity and infrastructure projects.
Infrastructure and Industrial Development Commissioner Arvind Kumar said that UP had become a preferred destination for investment. “If you are not in business with UP, then you are missing out on the potential of the largest state in India,” said Awanish Kumar Awasthi, adviser to the chief minister.
Biz meetings in Singapore, Argentina and Japan
The state government delegations also held business meetings in Singapore, Argentina and Japan, urging the investors to invest in Uttar Pradesh.
Jal Shakti Minister Swatantra Dev Singh held business meetings in Singapore. The delegation met the CEO of Vida Technology and discussed various investment avenues in OEM/ODM technology in the state. The delegation assured the CEO of Vida Technologies that the land for setting up the facility would be provided on priority basis and also assured that all operating permits would also be provided.
Deputy Prime Minister Brajesh Pathak urged the government and private representatives of Argentina to promote investment and partnership in the state. He invited them to GIS-2023 to strengthen UP’s economy by having a meaningful discussion on investments. Fruitful discussions were also held with representatives of Ercor, a well-known Latin American company for Argentine food products, Globant from the IT sector and Cresud, related to agriculture, for investments in the UP. HTC