UP to become global investors favourite destination soonTop Stories

December 07, 2020 17:51
UP to become global investors favourite destination soon

(Image source from: deccanherald.com)

The Uttar Pradesh Government is determined towards becoming the global hot spot for foreign investors. Chief Minister, Yogi Adityanath states that under the guidance of Prime Minister Narendra Modi, Uttar Pradesh will be promoted for its prominent features including doing easy business, its single window clearance system and an abundance of investor friendly policies guaranteed for global investors by the state.

The UP chief minister believes that bringing in foreign investments to the state will help deal with unemployment issues and generate more employment opportunities for the citizens. According to an official spokesman, the collaboration will provide over 10,000 direct and indirect jobs annually.

Due to the investment friendly initiatives taken up by the state, UP has is now the second in being the most invested state in India excluding Maharashtra, Gujurat, Telangana and Rajasthan, jumping 12 positions over the last 3 years. They are hosting a major shoe brand Von Wellx, a German company who is now shifting its production and warehouses from China to Agra. Von Wellx will invest 300 crores in three projects in Uttar Pradesh and will set up its factory and manufacturing unit near Jewar. The German Shoe brand has sold in over 80 countries and has over 100 million customers globally. The chief minister believes that over 50 lakh pairs of shoes will be manufactures each year and employment will generate drastically.

Over the past 5 years, the state government has quickly adapted to the new market trends and is focusing on tapping new opportunities to help the state grow economically and encourage trade. Preceding the Von Wellx project, Uttar Pradesh Government has attracted more than 40 investments from many national and international companies from around 10 countries including Japan, USA, UK, Canada, Germany, South Korea, etc amounting to around 45,000 crores worth of investments. The state implemented reforms across multiple areas such as Labour regulations, Inspection regulations, land allotment property registration, environmental clearances, paying taxes and a list of other formalities. This remarkable progress of providing easy business for foreign investors is what is leading the state to attract multiple investments globally.

UP is not far behind in becoming the number one state for attracting global investors.

By Meena Atmakuri

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