New Delhi: In the wake of COVID-19 pandemic and souring US-China relations, Uttar Pradesh government of chief minister Yogi Adityanath is making changes in the industrial and sectorial policy to attract US-based companies to shift their investment from China to the state.
Taking the first step in the direction, the state government held a discussion with over 100 companies through video conferencing on April 28. According to reports, the companies that were part of the discussion were FedEx, UPS, Cisco, Adobe, Lockheed Martin, Honeywell, Boston Scientific.
“US has significant investment in China. Both Prime Minister Narendra Modi and CM want to use the opportunity where industries are moving out of China and try to bring them to India, and to Uttar Pradesh. Video-conferencing was held with over 100 American companies on Tuesday, and they shown interest,” said Sidharth Nath Singh, Minister for MSME, Investment and Exports in the Uttar Pradesh government recently.
Singh said companies including big names from logistics, scientific instrumentation, electronic, automobile industries were part of the webinar. “These companies have already investments in China and I am hopeful we will be able to bring them to Uttar Pradesh. We are working by making changes in our industrial and sectorial policy,” Singh added.
Singh said that companies were keen to understand what kind of facilities would be provided to them in Uttar Pradesh and the state government has promised that the provisions would be tailor-made to meet their requirements and needs.
Singh also told the potential investors from the US that Uttar Pradesh government had announced various incentives such as capital subsidy, land subsidy and said that companies like Lockheed Martin could benefit from the defence corridor being developed in the state.
