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Global Investors Summit 2023: UP Sets Target of ₹10 lakh crore; Expects Huge Investment from US Firms

Uttar Pradesh is expected to receive significant investment from the United States as a result of the 'Global Investors Summit-2023', particularly in nine sectors such as IT, Agriculture, Electronics, Food Processing, Defence and Aerospace, Pharmaceutical and Medical devices, Energy, Retail, and Automobiles.

Shivam Dwivedi

According to Invest UP, the state's nodal agency for GIS-2023, the state anticipates massive investment from top US corporations. The government has sent invitations to a large number of US companies for UPGIS 2023. Aside from that, government officials are in constant contact with various trade organisations in the United States, and encouraging responses have been received, according to an official statement issued on Saturday.

Furthermore, many venture capitalists are interested in investing in UP. The state has the highest number of MSME clusters, with the government maintaining constant contact with American venture capitalists to solicit investment.

Investment is expected to reduce youth migration from the state to other places in search of work while also assisting startups in flourishing. According to the statement, the IT companies contacted are Apple, Microsoft Corporation, Alphabet (Google), Amazon, Meta, Visa, Intel, Cisco, Oracle, and Adobe. Archer Daniels Midland (ADM), Syngenta, Bureau Veritas, Corteva Agriscience, Neutrino, Indigo, and Pioneer were contacted in the agro and food processing space.

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 are among them, according to the report. Pharmaceutical companies include Johnson & Johnson, Pfizer Inc., Merck & Co., Abbyy Inc., Bristol Meyers Squibb, Abbott Laboratories, Amgen, Gilead Sciences, Eli Lilly & Company, and Biogen.

The energy companies include Exxon Mobil Corporation, Chevron Corporation, Nextra Energy, General Electric, Conco Phillips, Dominion Energy, Duke Energy Corporation, and The Southern.

Venture Capital:

DCM Venture, Greylock Partners, Insight Venture Partners, and Union Square Venture are among them.

Retail:

Walmart, Amazon, Costco Wholesale, and The Home Depot are among the retailers.

Automobiles:

General Motors, Ford Motor, BMW, Volkswagen, Tesla, Deere & Co, Pescar Inc, and Nissan Motors are among the companies.

The Small Business Administration (SBA), the National Women's Business Council, SCORE Business Mentoring, and the Veterans Business Outreach Center are all examples of non-profit organizations (VBOC). Additionally, the UP government is in discussions with the 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), and United States Telecom Association.

Notably, the government of Uttar Pradesh has appointed a team of officers to solicit investment from American companies in the state. Two officers above the level of Secretary, two officers from the Departments of Information Technology, Electronics, and Health, one from the Planning Department, and one from the Industries Department have been appointed.

Aside from that, one officer from the CM's office and three officers from Invest UP have been tasked with working in mission mode to finalize deals with American firms. Chief Minister Yogi Adityanath has asked investors worldwide to invest in his state to make Uttar Pradesh the growth engine of India's development. He made this request just days before the Uttar Pradesh Global Investors Summit-2023, during a significant event on Tuesday at Sushma Swaraj Pravasi Bhartiya Bhavan in the national capital.

Eminent personalities from national and international industries, representatives of industrial associations, and representatives of several public sector companies attended the meeting, which served as a prelude to the Summit. The Summit will be held in Lucknow from February 10 to 12, 2023, according to the CM.

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