Home » News » India » Eye on Reviving Economy Dented by Covid-19, UP Govt Tries to Attract Investors Moving Out of China
1-MIN READ

Eye on Reviving Economy Dented by Covid-19, UP Govt Tries to Attract Investors Moving Out of China

FIle photo of Uttar Pradesh Chief Minister Yogi Adityanath.

FIle photo of Uttar Pradesh Chief Minister Yogi Adityanath.

According to sources, Uttar Pradesh government is eyeing on food processing industry which was in abundance in Wuhan province of China before the coronavirus outbreak.

In the wake of Covid-19 pandemic across the world, many investors are now considering to move out of China and relocate their businesses and firms to some new locations. Hence, the Yogi Adityanath-led BJP government in Uttar Pradesh has also putting all efforts to attract such investors to the state, which would help in reviving the pandemic-hit economy.

Uttar Pradesh government is also formulating and altering some its policies to woo investors to relocate to the state. The basic idea to attract investors pulling out of China was floated by Uttar Pradesh Chief Minister Yogi Adityanath during a high-level key meeting held in presence of MSME Minister Sidharth Nath Singh and Industrial Development Minister Satish Mahana on Wednesday.

“The government will try to attract investors from some specific category including automobiles, food processing, electronics and garments. The state has also provided base to companies which are into manufacturing of mobile phones,” Singh told media after the meeting.

He continued, “The government will be re-working on some of the strategies as per the prevailing conditions. If we speak about the IT policy, we are working on how to the subsidy promised for new procurement of new equipment could be given to the companies who decide to relocate to the state along with their refurbished machinery. The IT department is working closely on it and they will be coming up with solutions that are in sync with the policies by central government on investment and industry.”

At present, companies from Japan, United States, Korea and other European nations with huge investment in China are mulling to move out after the Covid-19 pandemic. Meanwhile, Japan has already started wooing these investors by announcing economic package for the companies moving out of China.

According to sources, Uttar Pradesh government is eyeing on food processing industry which was in abundance in Wuhan province of China before the coronavirus outbreak.

The Yogi government in Uttar Pradesh was already working on to attract investments to the state with an Investors’ Summit held back in 2018 and also Defence Expo held in Lucknow in February this year.

Experts also believe that Uttar Pradesh could be the next hub of industrial activity and attract big economic investment, while the Jewar airport which is coming up in close proximity with the NCR region could actually play a crucial role in attracting investors to the state as well.