UP’s transformed landscape results in positive perception of foreign investors, massive FDI expected likely
UP attracts Rs 10,000 cr FDI through diverse channels between 2020-2022
UP attracts Rs 3,372 cr FDI in FY 2023, anticipates Rs 3,700 cr in upcoming GBC
By Our Correspondent
Lucknow: After taking charge of the state in 2017, the Yogi government has transformed the landscape of Uttar Pradesh, positioning it as a dream destination for investment, not only for Indian investors, but investors from across the world.
The significant increase in the inflow of Foreign Direct Investment (FDI) into the state is a testament to the shift in investors’ perception of Uttar Pradesh
Under Chief Minister Yogi Adityanath’s leadership, the state government has attracted approximately Rs 10,000 crores of foreign investment through various channels from 2017 to 2022. As of 2023, foreign investment of Rs 3,372 crores has been realized, with the possibility of FDI inflow reaching Rs 3,700 crores in the upcoming Ground Breaking Ceremony (GBC).
Several major foreign investors have invested in UP
According to the data from Invest UP, the nodal department for industrial investment in the state, Uttar Pradesh attracted Rs 1,738 crores of Foreign Direct Investment (FDI) in the financial year 2020, accounting for 0.49 percent of the total FDI in the country. In the year 2021, the state received an FDI of Rs 4,861 crores, constituting 1.10 percent of the total FDI in the country.
Similarly, in the financial year 2022, Uttar Pradesh attracted Rs 3,357.57 crores of FDI, making up 0.77 percent of the total FDI in the country. As of the financial year 2023, Invest UP reports that the state has already received Rs 3,372.72 crores of FDI, contributing 0.92 percent to the total FDI in the country.
During this period, several major foreign investors have expanded their commercial ventures in Uttar Pradesh, including Samsung (South Korea), Microsoft (USA), Uber (USA), PepsiCo (USA), Fairfox (USA), Hindustan Unilever (UK), AB Mauri (UK), Air Liquide (France), Sify (USA), STT Global (Singapore), NTT (Japan), Lulu Group (UAE), Vivo (China), Haier (China), Holitech (China), Sunwoda (China), Luochuang LI (China), and others.
Major international investors to expand their projects in UP
Notably, several international investors are planning to expand their projects in Uttar Pradesh in 2023-24. It is expected that these investors will contribute an investment of Rs 3,700 crores. For instance, the UK-based Susteen Ltd. is set to establish a ‘Sustainable Protein: Protein from Sugar’ project in Muzaffarnagar with an investment of Rs 500 crores. This project aims to produce protein from sugarcane and will create job opportunities for 100 people.
Similarly, Sharaf Group from the UAE will invest Rs 1,250 crores to establish a logistics park in Kanpur, providing employment for 1,250 individuals. Moreover, USA’s Perosphere India will set up a project involving novel coagulometer system consisting of both coagulometer reader and cuvette (disposable component) in Gautam Buddha Nagar with an investment of Rs 570 crore, creating job opportunities for 225 people.
Ample employment opportunities through foreign investment
The list of investors includes USA’a eKuber Ventures, which will invest Rs 82 crores in Farmhouse and Eco-Tourism in Shravasti, creating employment for 500 people. Singapore’s International Traders and Investors PTE Ltd. will invest Rs 50 crores in a food processing project in Lucknow, creating jobs for 200 people. USA’s Univest International will invest Rs 550 crores in a residential township in Lucknow, offering employment to 250 individuals.
Similarly, Australia’s SGC City Center Developers Pvt Ltd. will invest Rs 25 crores to establish an IT park in Siddharth Nagar, providing jobs for 100 people. Switzerland’s Editingo International (Big Hearts) will set up a Rs 330 crore food processing plant in Agra, creating 800 job opportunities. Additionally, UAE’s DP World will invest Rs 220 crores in a logistics park in Kanpur City, providing employment for a thousand people.
Furthermore, Japan’s Fuji Silvertech will invest Rs 150 crores in Gautam Buddh Nagar for the construction material project, generating employment for 200 people. Fuji Silvertech is also the first enterprise in Uttar Pradesh to receive land subsidy under the FDI policy.
