The Economic Times
English EditionEnglish Editionहिन्दी
| E-Paper
Search
+

    UP woos Japanese, EU companies relocating from China

    Synopsis

    The Uttar Pradesh government has also offered several sops to Japan- like labour law exemption, help in creating a conducive ecosystem, and developing the Buddhist circuit- to woo its companies that are trying to relocate from China in the wake of the COVID-19 pandemic.

    ANI
    NEW DELHI: Exemption of labour laws for almost three years, good connectivity through airports and expressways, easy availability of land parcels for developing industrial units and technology parks are some of the incentives that the Yogi Adityanath government is offering to big Japanese, US and European Union companies which are planning to relocate to India from China in the wake of the COVID-19 pandemic.

    Uttar Pradesh MSME, Investment and Export Promotion Minister Siddharth Nath Singh held a video conference interaction with European Business Group Federation, comprising of 74 members, on Friday to discuss possibilities of establishing these companies in the state. Among those he interacted were the Ambassadors of Italy, Belgium, Denmark and Latvia. On Thursday, he had held a similar interaction with the Japanese Ambassador Satoshi Suzuki.

    Assuring all help from the state government to companies relocating in UP, Singh said the Jewar airport near Greater Noida is likely to be completed soon and this will serve in enhancing air connectivity. The state is also planning to open 11 airports across the state. More expressways are also being built for better connectivity.

    “With a view to bring about a comprehensive improvement in industrialization, UP has taken up reforms in electronics, warehousing, logistics, pharmaceuticals, industrial parks and food processing,” Singh said.

    Denmark Ambassador Freddy Sven offered that an MoU be signed with MSME units of his country for technology upgradation of UP’s MSME sector.

    The delegates were of the view that the state GST linked incentives should be replaced with capital subsidy.

    Representatives of Coca Cola, Dow chemical, IBM India, KPMG India, Microsoft, Panasonic PepsiCo, Red Bull participated in the webinar.

    UP is likely to establish a European desk and a Japan desk to help enterprenuers from these countries.

    The Uttar Pradesh government has also offered several sops to Japan- like labour law exemption, help in creating a conducive ecosystem, and developing the Buddhist circuit- to woo its companies that are trying to relocate from China in the wake of the COVID-19 pandemic.

    Electronics, food processing, pharmaceuticals, medical devices, industrial parks and automobiles are the six sectors in which UP is expecting investments. The state is likely to be the first one to get investment by Japanese companies relocating from China. Japanese PM Shinzo Abe has created a USD 2.2 billion fund to help these companies.

    Singh said UP is offering several benefits to the Japanese in lieu of the investment. This includes 1000 days (almost 3 years0 exemption from labour laws. The state has already passed the Temporary Exemption Ordinance, 2020 to facilitate this. Other sops include development of Japanese estate and Japanese ecosystem in the state; establishing a Japanese Helpdesk to expedite the process; and promoting the Buddhist circuit that includes an international airport at Kushinagar, near Gorakhpur.

    With migrants from UP returning to their home state in big numbers, the UP CM had announced creation of jobs for nearly 15 lakh people. The state is also expecting investment from US, European Union and South Korea among other countries.

    The state will also top up the Government of India’s offer of refurbishing 20 per cent of the machinery of any company setting up shop in India. The state is also developing metro rail in more districts (Lucknow metro has been completed) including Kanpur, Agra, Varanasi and Prayagraj.

    UP has large parcels of land near Jewar airport in western part of the state as well as between Lucknow and Kanpur. This area, near Unnao, is likely to see establishment of pharma parks.

    The Japanese Ambassador assured the state that all major companies from his country will be connected to UP through JETRO (Japan External Trade Relation Organisation). The Japanese have welcomed the relaxation in labour laws and the offer to develop the Buddhist circuit further.

    While UP government has already held investment discussions with the US government, a round of discussion with South Korea is in the pipeline.
    (Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    13 Comments on this Story

    samynarayana256 days ago
    CONTINUED:
    . IT IS A SHAME ON WE THE PEOPLE TO TOLERATE SUCH AN USELESS , SLOW REACTING TO WORLD SCENARIOS AND STILL BLOW TRUMPOET. PM should have committed suicide just like the german minister did for allowing infecting people from abroad and entally retarded infected religious people to h disperse among 133 crores. He decalred LOCK DOWN late by 50 days and without giving any notce. THE SAID GOVT IS KEEN ON RUNNING FLIGHTS TO BRING BACK INDIANS FROM ABROAD. THEN WHY THE HELL THEY DO NOT THINK OF RUNNING SPECIAL FLIGHTS TO INDIANS LIVING IN INDIA BUT STARNDED TO RETURN HOME? NO JUSTIFICATION AT ALL. Either our MPs are party to this non-sense and must pay a price by committing suicide or they had no guts to debate with a PM that they elected and hence impotent and therefor kill that dictator and they should also die. Opposition poarty leaders are too reactive. No proactive support to people. They must also die
    samynarayana256 days ago
    Govt is run by elected representatives who are to protect the interests of people in their constituencies. When we talk of emergencies we have many types. (1) When currency notes printed by an enemy country, held in an enemy country and slowly released by a political party that is enemy to majority population is one type. People know that party is notorious to have imposed secularism on 95% Hindus without any consultation by exploiting the gullibility and used pseudo secularism vote bank herding and divided the nation from, 4%muslims, 1% christians and 95% hindus to 23% Muslims 19% Christians (many with Hindus names and enjoying benefits of reservation) 58% Hindus (this group includes all local religions such as Sikhism, budhism, jainsim also). Without any noise DEMONETISATION WAS DONE. We understood and supported though it caused huge inconvenience. (2) if there is an incursion, terrorist attack, we understand. (3) Here is a case when world knew of NCovid on 9th Jan that China has suffered from Novemeber 2019. First case in India reported on 30th Jan. There was enough time for govt, elected representatives to call for organized movement of Indians who are out of their home town to return home, ask migrants who want to get back, ask industries to implement appropriate measures and then declare lock down. IMPOSING LOCK DWON unilaterally with a few hours notice is a bad rajya dharma, bad rulership, downbright culpable of harassing 40 c people. IT IS A SHAME ON WE THE PEOPLE
    Aruun 256 days ago
    Only press reports may not attract companies one day or immediate sanction and clearance of all proposals must be taken as challenge. These proposals must be handled by CM office directly on war footing.
    The Economic Times