Uttar Pradesh chief minister Yogi Adithyanat's government is going to hold the Global Investors Summit in Lucknow in February 2023 and they have already begun to receive tremendous interest from foreign investors.
The Uttar Pradesh government has set a target to bring in an investment of Rs 10 lakh crore, and in order to reach this target, a delegation from the state has planned to have a road show in as many as 20 countries.
Swedish companies to invest in Global Investor Summit
The UP government organised an investor roadshow led by Industry Minister Nand Gopal Gupta and Public Works Development Minister Jitin Prasad were in Stockholm to invite Swedish business houses for the summit. They were successful in getting a positive response from the companies, with the Swedish companies showing the intent to invest approximately Rs 15,000 crore.
Swedish multinational IKEA has filed an intent to invest close to Rs 4,300 crore in setting up stores and malls in Noida and other cities in the state. They have also received interest from Swedish construction company Sernekeintends, which plans to invest Rs 10,000 crore in the Film City Project in Greater Noida, and Boson Energy, which has intentions of investing Rs 1,000 crore to set up waste-to-energy projects in the state.
Other investors across the globe
The delegation has signed MOUs worth investment of Rs 15,000 crore from Japan, Rs 8,500 crore from Singapore, and Rs 600 crore from Netherlands.
The delegates have also signed six MOUs worth Rs 12 billion with Canadian companies, and six MOUs worth over Rs 1,200 crore have been signed with investors in Vancouver for the development of IT parks, manufacturing units, and more.
The intent to invest Rs 20,000 crore has also come from the United Arab Emirates.
Past investments
According to reports from 2018, when the Investors Summit was held in Lucknow, the state had received an investment of Rs 4.68 crore, and the state has already implemented proposals worth Rs 3 lakh crore in the last five years.
Australian investors show interest in Global Investors Summit
Earlier this month, a delegation of Australian investors met Yogi Adityanath to discuss the possibilities of investment in different sectors and to express their interest in participating in the Global Investors Summit.
Competition from other states
But while the state is looking forward to such investments, it will also have to prepare for competition from other states as they prepare to host similar events. Madhya Pradesh is planning to host a similar event in January, while Punjab has proposed to host a summit in February. Andhra Pradesh is also not holding back and is planning to host a similar event in March next year.
States like Karnataka and Rajasthan have already organised similar events this year. Though these summits may help the country in the long run, they may affect investments at the state level.
