UP eyes huge investment from America in GIS

| | Lucknow
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UP eyes huge investment from America in GIS

Sunday, 27 November 2022 | PNS | Lucknow

Set to become the growth engine of India’s development, the state of Uttar Pradesh, through the Global Investors’ Summit-2023, is expected to receive huge investment from America in nine sectors, including information technology, agriculture, among others.

According to Invest UP, the nodal agency of GIS-2023, the state is eyeing massive investment from top American companies. The government has sent invitations for UPGIS 2023 to a large number of US companies. Apart from this, government officials are also in constant contact with various trade organisations of America, from which encouraging responses have been received.

Sectors that have received special interest from US companies include IT and electronics, agriculture and food processing, defence and aerospace, pharmaceutical and medical devices, energy, retail and automobiles.

Moreover, a large number of venture capitalists are also willing to invest in UP. The state has the maximum number of over 90 lakh micro, small and medium enterprise (MSME) clusters, where continuous contact is being made at the government level with American venture capitalists to invite investment. Investment is expected to stop the migration of youth from the state to other places in search of employment and it will also aid in startups flourishing.

Communication is being established with companies like Apple, Microsoft Corporation, Alphabet (Google), Amazon, Meta, Visa, Intel, Cisco, Oracle and Adobe. Agro and Food Processing companies include Archer Daniels Midland (ADM), Syngenta, Bureau Veritas, Cortiva Agriscience, Neutrino, Indigo and Pioneer.

The aero and defence companies include BAE Systems, Safran SA, Raytheon, Northrop Grumman, GE Aviation, General Dynamics Corporation, Lockheed Martin Corporation, United Technology Corporation (UTC), Airbus SE and the Boeing Company.

The pharma and Medical companies with which communication is being established include Johnson & Johnson, Pfizer Inc., Merck & Co., Abbyy Inc., Bristol Myers Squibb, Abbott Laboratories, Amgen, Gilead Sciences, Eli Lilly & Company and Biogen.

In the energy sector, the companies with which communication is being established include Exxon Mobil Corporation, Chevron Corporation, Nextera Energy, General Electric, Conco Phillips, Dominion Energy, Duke Energy Corporation and The Southern.

The venture capital companies include DCM Venture, Greylock Partners, Insight Venture Partners and Union Square Venture while in the retail sector, communication is being established with Walmart, Amazon, Costco Wholesale and The Home Depot. The automobile companies General Motors, Ford Motor, BMW, Volkswagen, Tesla, Deere & Co, Pescar Inc and Nissan Motors.

The government is also in communication with business organisations including US Small Business Administration (SBA), National Women's Business Council, SCORE Business Mentoring, Veterans Business Outreach Center (VBOC). Alos, US Chamber of Commerce Small Business Council, US Export Assistance Center, United States Minority Chamber of Commerce, Entrepreneur Organization, National Federation of Independent Business (NFIB), International Franchises Association (IFA), National Restaurant Association, National Retail Federation, American Marketing Association (AMA), United States Telecom Association.

The Yogi Adityanath government has appointed a team of officers to gather investment from American companies in Uttar Pradesh. In these, two officers above the level of secretary, two officers from IT and Electronics and Health departments, one officer from the Planning department, and one officer from the Industries department have been appointed. Apart from this, one officer from the CM's office and three officers from Invest UP have been asked to work in mission mode to finalise deals with American companies.

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