In the wake of the geopolitical and economic repercussions of the Wuhan Coronavirus pandemic across the world, many companies are now considering to move out of China and relocate their businesses and firms to other nations so as to reduce their dependency on China. Trying to make full use of this opportunity, BJP government led by Yogi Adityanath in Uttar Pradesh has been putting in all efforts to attract these investors to the state, which would help in reviving the pandemic-hit economy.
This 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.
Video conference held by Yogi Adityanath, over 100 American companies shown interest
After the meeting, MSME Minister Sidharth Nath Singh was quoted by news agency ANI as saying: “Companies including big names from logistics, scientific instrumentation, electronic, automobile industries. They already have investments in China. I’m hopeful we’ll be able to bring them to UP, given how we’re working by making changes in our industrial and sectorial policy.
He said that the Prime Minister and UP Chief Minister Yogi Adityanath want to use the opportunity where industries are moving out of China and see how they can be brought to India. He confirmed that video-conferencing was held with over 100 American companies yesterday in a webinar and they have shown interest.
Companies incl big names from logistics,scientific instrumentation,electronic,automobile industries. They already have investments in China. I’m hopeful we’ll be able to bring them to UP,given how we’re working by making changes in our industrial§orial policy: UP Min SN Singh https://t.co/1BXo5PvlVa— ANI UP (@ANINewsUP) April 29, 2020
At present, companies from Japan, the United States, Korea and other European nations with huge investment in China are mulling to move out after the coronavirus pandemic. Meanwhile, Japan has already started wooing these investors by announcing economic packages for the companies moving out of China.
Yogi Adityanath govt formulating policies to woo investors
UP government has started reformulating its various policies to suit these investors who are contemplating opting out of China in the wake of the coronavirus outbreak.
According to sources, Uttar Pradesh government is eyeing on the food processing industry which was in abundance in Wuhan province of China before the coronavirus outbreak.
The Yogi government in Uttar Pradesh has been pitching itself as an attractive investment destination in the past few years. The Investors’ Summit held back in 2018 and also Defence Expo held in Lucknow in February this year has already attracted foreign interests. Some of the Adityanath government’s major infrastructural projects, such as the upcoming Jewar airport in Greater Noida, Purvanchal Expressway and defence corridor, have been planned to facilitate greater industrial investment in the state whose major population depends on agriculture.
1000 foreign firms plan production in India
Around a thousand foreign companies are contemplating shifting their manufacturing base to India as the geopolitical and economic repercussions of the Wuhan Coronavirus pandemic becomes imminent. The said companies are in discussions with the Indian government and at least 300 of them are actively pursuing production plans in sectors such as mobiles, electronics, medical devices, textiles and synthetic fabric, according to top government sources.