UP to China will get a lot of facilities as 100 US firms may shift base
The government of Chief Minister Yogi Adityanath has made a special
offer to many big companies. The UP government has told these companies that if
they transfer their base and factories from China to UP, they will be given
various facilities. These companies include FedEx, UPS, Cisco, Adobe, Lockheed
Martin, Honeywell, Boston Scientific Cake, among many others. Recently, Prime
Minister Narendra Modi took advantage of the current situation due to the
spread of coronavirus and called for global companies who want to exit China.
Based on this goal of PM Modi, the UP government has placed this offer in front
of them by holding a video conference with about 100 investors and companies of
America.
Uttar Pradesh's MSME, Investment and Export Minister, Siddharth Nath Singh, has
said that he was asked a series of questions about the façades that the state
government may offer to companies operating in China if they shift their base
to UP. In response to these questions, he told the companies that provisions
can be made according to their needs of the companies coming to UP. For example, FedEx and UPS were told that they could use the proposed Jewar International
Airport to start their business.
Siddharth Nath Singh said that medical device manufacturer Boston Scientific
has been asked what facility the state government can give them, as the state
government is ready to negotiate changes according to its requirement. Apart
from this, the minister also suggested that Lucknow would be the best place for
the company. Similarly, defense firms like Lockheed Martin were told that they
could use the Uttar Pradesh Defense Corridor. While global companies were
already making plans to move their bases due to the US-China trade war,
Coronavirus has made the situation worse for China.
The trade war between the US and China had led to a steady increase in the
prices of products, reducing the profit margins of companies. Although India
could not fully benefit from the situation at that time, the Center and the
States do not want to leave any stone unturned to attract foreign investors
this time. Meanwhile, Siddharth Nath Singh told American companies that the
state has already made several incentives like capital subsidy, land subsidy.
Also, there are 90 lakh MSME units in the state which can be used for many
purposes. Apart from this, the state government has also discussed several
measures, including a change in its industrial policy, recently to entice
companies wishing to bring their base UP from China
