Global Investor Summit: UP govt inks Rs 25-cr MoUs in city

Hyderabad: The Uttar Pradesh government on Wednesday announced that it signed 19 memorandum of understanding (MoUs) worth over Rs 25 crore during a road show organised here ahead of the Global Investors Summit that is slated to be held in Lucknow from February 10 to 12.

The road show was organised to seek investment for the State. It was the fifth such event to be held by the UP government in the city. Earlier, the government had organised similar road shows in Mumbai, Chennai, Delhi, and Kolkata. In the upcoming summit around 10,000 investors from 20 countries will participate. Also an exhibition will held from February 10-14 where various startups, organisations from India and overseas will be given an opportunity to set up stalls.

Speaking on occasion Brajesh Pathak, UP Deputy Chief Minister, said relationship between Hyderabad and UP since the Nizam Era. Choosing Hyderabad for conducting the road show due it vast IT sector, we already have intents worth Rs 7.12 lakh crore from overseas investors. About Rs 8 lakh crore has already been received from road shows from Delhi and Mumbai-based industrialists. Through the sumit around one lakh people would be provided jobs in UP.

"The last global business summit was held in 2018. We had received interest of Rs 4.68 lakh crore and now over Rs 4 lakh crore worth of projects are at various stages of implementation. We have also disbursed incentives worth Rs 1,800 crore so far since 2018, he added.

Why investors should opt UP for setting up industries, Arvind Kumar, UP Additional Chief Secretary, Infrastructure & Industrial Development Commissioner (IIDC), said, "that in a few years with the coming airport at Jevar, the dedicated east and western freight corridors and with the rapid space of urbanisation, which is taking place in UP, this will become one of the key drivers of India's economy and growth. A lot of reforms have been undertaken by the government, but one State which has matched the Centre step-by-step in all these areas has been UP."

Ritu Maheshwari, Managing Director, Noida Metro Rail Corporation (NMRC), said, "UP is the land with endless opportunities be it in terms of consumer-based availability of skilled manpower and its contribution to GDP and also excellent physical infrastructure available there."

Through a video clip UP Chief Minister Yogi Adityanath invited Hyderabad investors to be part of the upcoming summit. .

The UP delegation apprised the investors about the State's potential in sectors like defence and aerospace, civil aviation, logistics, electronics, IT, startups, data centre, handloom, health and textiles, agriculture and allied industries, tourism, films, renewable energy, electric vehicles, pharmaceuticals and healthcare, and education and skill development. It assured investors that they would get a safe environment to do business along with quality infrastructural facilities – right from expressways, rail connectivity, Metro rail and upcoming airports.

Sharing the experience Narender Surana, Managing Director Surana Solar Ltd, said," We have set our first solar project in 2014 and right beginning we had a very good experience. Also could complete our project in one month ahead and also payment mechanism in UP is ahead, just in 15 days our payment is cleared; planning to invest in the tourism sector."

Rajiv Kumar, Managing Director, Microsoft India Development Centre (IDC), said, "After Hyderabad and Bengaluru, we have planned a developing centre in Noida and invested Rs 2 core.