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Indian gov’t attracts UAE investors to invest in key sectors – News

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>> UP Minister Rakesh Sachan invites UAE investors to invest in retail, real estate, hospitality, textiles, food safety, medical tourism, infrastructure and logistics in India’s most populous state



>> Roadshow in Dubai as part of a two-week outreach program to raise approximately US$13.8b worth of investment during the Global Investor Summit scheduled for February 10-12 in Lucknow

UP Small and Medium Enterprises (MSME) Cabinet Minister Khadi, Village Industries, Sericulture, Textiles Rakesh Sachan is in Dubai to present his nine-point proposal to potential investors in key industries.

UP Small and Medium Enterprises (MSME) Cabinet Minister Khadi, Village Industries, Sericulture, Textiles Rakesh Sachan is in Dubai to present his nine-point proposal to potential investors in key industries.

published: Tuesday, December 13, 2022 at 7:50 pm

Uttar Pradesh (UP), India’s most populous state with a population of over 240 million, attracted 15 countries across continents including North and South America, Europe, Asia and Australia in the two weeks leading up to the Global Investor Summit The Foreign Investors Conference will be held in the state capital, Lucknow, from February 10-12 next year.

A delegation of state ministers and senior officials is conducting roadshows, including in the UAE, to attract foreign investment worth some $13.8 billion.

UP Small and Medium Enterprises (MSME) Cabinet Minister Khadi, Village Industries, Sericulture, Textiles Rakesh Sachan is in Dubai to make nine points of advice to potential investors in key sectors like retail, real estate, hospitality, textiles, food safety, medical tourism, infrastructure facilities and logistics.

These nine points are the key reasons that make UP a lucrative investment destination.

Delegates, including senior bureaucrats, agreed there was a legacy at UP but “that is a thing of the past”.

Earlier, political instability stunted economic growth as no state government ever returned to power in successive terms in the past 40 years till UP Chief Minister Yogi Adiyanath, who won a thumping majority in 2017, was re-elected last year.

The state government is vigorously pursuing a “twin-engine” governance model — Prime Minister Narendra Modi at the center and CM Yogi at the state — focusing on key sectors, including under the unique “One District One Product” (ODOP) scheme.Products include specially designed — an aromatic essential oil, usually made from rose petals — pure silk shawls and Handicrafts of Varanasi, bronzes of Moradabad and Products from Lucknow and several other districts in the state’s 75 districts.

“UP’s impressive progress in the Ease of Doing Business Index under the leadership of CM Yogi has given us the courage to take this bold move to attract investment. We are delivering multiple job creation initiatives for the MSME sector. We Held talks with Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and urged him to reach bilateral agreements with state governments on several key areas,” Sachan said.

The minister explained that the state’s image has improved by leaps and bounds, including zero tolerance for crime, better roads, rail and air – five and 13 international and domestic airports respectively – connectivity and dedicated freight corridor.

The state government is aligned with the federal government’s goal of becoming a $5 trillion economy by 2027, with UP’s contribution estimated at around 20%.

CM Yogi’s economic advisor, Dr KV Raju, noted that UP’s growth figures over the past six years are “very impressive and plans are underway to accelerate overall growth and development”.

He added, “Special education zones in Central, West and Bundlekhand, pharmaceutical parks, defense manufacturing corridors, and a 1,000-acre film city near Jewar International Airport are all under construction. Both the film city and the airport will be open in 2024. Completed by the end of the year. The state is generating 21,000 megawatts (MW) of electricity and plans to generate another 3,000 MW of renewable energy soon.”

UP govt signs MOU with LuLu Group to build shopping malls and hotels

The Uttar Pradesh government on Tuesday signed a memorandum of understanding (MoU) with homegrown hypermarket and retail giant LuLu Group to set up shopping malls and a hotel in the state.

Under the MoU, Lulu will build shopping malls and hypermarkets in Noida, Varanasi, Gorakhpur, Ayodhya, Kanpur and Prayagraj with a total investment of Rs 45 billion (AED 200.47 million).

The mall project at Sector 108 in Noida will also house a five-star hotel.

Lulu Group’s new investment in the state will provide employment opportunities for more than 20,000 youth.

The MoU signing ceremony was attended by UP MSME Minister Rakesh Sachan; Public Works Department (PWD) Principal Secretary Narendra Bhooshan; LuLu Group Executive Director Ashraf Ali MA and Ashraf Ali MA.

LuLu Group is rapidly expanding its retail and food processing operations in India. Expansion has intensified following the opening of LuLu Mall in Lucknow on July 11 this year with a record 100,000 foot traffic.

— joydeep@khaleejtimes.com

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