UP govt invites US-based companies to shift investment from China

New Delhi: Uttar Pradesh authorities beneath chief minister Yogi Adityanath is within the course of of creating adjustments within the industrial and sectorial coverage of the state to allow US-based companies to shift their investment from China to the state.

Taking step one within the route, the state authorities held a dialogue with over 100 companies via video conferencing on Tuesday. In accordance to stories, the companies that have been a part of the dialogue have been FedEx, UPS, Cisco, Adobe, Lockheed Martin, Honeywell, Boston Scientific.

“US has significant investment in China. Both Prime Minister Narendra Modi and CM want to use the opportunity where industries are moving out of China and try to bring them to India, and to Uttar Pradesh. Video-conferencing was held with over 100 American companies on Tuesday, and they shown interest,” stated Sidharth Nath Singh, Minister for MSME, Investment and Exports within the Uttar Pradesh authorities.

Singh additional stated that companies together with huge names from logistics, scientific instrumentation, digital, vehicle industries have been a part of the webinar. “These companies have already investments in China and I am hopeful we will be able to bring them to Uttar Pradesh. We are working by making changes in our industrial and sectorial policy,” Singh added.

Singh additional stated that companies have been eager to perceive what sort of services can be offered to them in Uttar Pradesh and the state authorities has promised that the provisions can be tailored to meet their necessities and their wants.

Singh additionally informed the potential buyers from the US that Uttar Pradesh authorities had introduced varied incentives resembling capital subsidy, land subsidy and stated that companies like Lockheed Martin may gain advantage from the defence hall being developed within the state.

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