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Home News Reports Korean Industrialists seeking an exit from China, interested to invest in Uttar Pradesh: Reports

Korean Industrialists seeking an exit from China, interested to invest in Uttar Pradesh: Reports

KCCI is the oldest and largest business organisation in Korea and is a national member of the International Chamber of Commerce (ICC) and the World Chambers Federation (WCF).

Korea Chamber of Commerce and Industry (KCCI) chairman Yongmaan Park, seeking to move investments out of China, has reportedly shown interest to invest in Uttar Pradesh, stated State MSME and Export promotion Minister Sidharth Nath Singh, amidst the Wuhan Coronavirus pandemic.

As per a report in Business Standard, Park added that other industrialists and electronic makers from Korea were also interested in exploring investment opportunities in the State. It is important to mention that KCCI is the oldest and largest business organisation in Korea and is a national member of the International Chamber of Commerce (ICC) and the World Chambers Federation (WCF).

Assurance by Uttar Pradesh Government

Over a video conference held between the Parks and Singh, the latter assured that the Uttar Pradesh Government would provide the required assistance to help set up their factories in the State. The Government has planned to build a logistics park in UP and has promised to resolve the issues faced by the existing industrialists in the State.

The MSME Minister further conceded that the migrant crisis that arose amidst the Coronavirus lockdown was a major challenge in resuming economic activities. Moreover, state polices are also being reviewed to ease the financial stress faced by industries at the time of the pandemic.

Yogi Adityanath woos US Companies

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On Wednesday, Yogi Adityanath held a high-level meeting in the presence of MSME Minister Sidharth Nath Singh and Industrial Development Minister Satish Mahana.

After the meeting, 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 sectoral 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.

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