A large number of venture capitalists are also keen to invest in UP, says Yogi Govt.
By VIRENDRA SINGH RAWAT
LUCKNOW, Nov 26 (The CONNECT) - Uttar Pradesh, which is bracing up to host a mega investor summit in February 2023, is wooing the top US companies for investment in different sectors.
The UP government is showcasing a plethora of sectors viz. IT and electronics, agriculture, food processing, defence and aerospace, pharmaceutical and medical devices, energy, retail and automobiles before prospective investment.
The marquee US tech firms on the wish-list of the Yogi Adityanath government include Apple, Microsoft, Alphabet (Google), Amazon, Meta, Intel etc. Similarly, top US companies in other sectors are also being aggressively pursued.
Recently, the state chief minister unveiled the logo and theme of the proposed UP Global Investors Summit 2023 at a ceremony in New Delhi. The state is targeting investment proposals of Rs 10 trillion at the mega three-day event.
According to a senior UP government functionary, the state, which is on course to becoming the growth engine of India’s development, has elicited tremendous interest from US companies for investment in different sectors.
The Yogi government has appointed a select team of officers to garner investment from the US companies. The state has sent invitations for the Summit to a large number of US companies. Besides, top government officials are in constant touch with prominent business and trade organisations of USA.
“A large number of venture capitalists are also keen to invest in UP. The state has the maximum number of over 9 million MSME clusters. A sustained effort is being made at the government level to attract US venture capitalists…investments will help in stopping the migration of the state’s youth to other places in search of employment,” he noted.
Meanwhile, established agro and food processing companies in touch with the UP government include Archer Daniels Midland (ADM), Syngenta, Bureau Veritas, Corteva Agriscience, Neutrino, Indigo and Pioneer.
The companies in the aero and defence sector include 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.
Other firms in varied sectors comprise Johnson & Johnson, Pfizer Inc., Merck & Co., Abbyy Inc., Bristol Meyers Squibb, Abbott Laboratories, Amgen, Gilead Sciences, Eli Lilly & Company and Biogen, Exxon Mobil Corporation, Chevron Corporation, Nextra Energy, General Electric, Conco Phillips, Dominion Energy, Duke Energy Corporation and The Southern.
Meanwhile, the venture capital brands in this regard include DCM Venture, Greylock Partners, Insight Venture Partners and Union Square Venture. The retail firms include Walmart, Amazon, Costo Wholesale and The Home Depot.
Besides, the state is holding parleys with automotives such as General Motors, Ford Motor, BMW, Volkswagen, Tesla, Deere & Co, Pescar Inc and Nissan Motors.
Moreover, the clutch of US business chambers in touch with the UP officials comprises the US Small Business Administration (SBA), National Women's Business Council, SCORE Business Mentoring, Veterans Business Outreach Center (VBOC) etc.
It also includes 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), United States Telecom Association etc.