4 Japanese and Korean cos to invest Rs 18,350 crore in UP

As a result of the new industrial policies and improved law and order in the state, as many as four companies of Japan and South Korea are going to invest Rs 18,350 crore in UP. A memorandum of understanding (MoU) between the government of Uttar Pradesh and these companies was recently signed.

With this, 16,700 youths of the state will get employment in manufacturing, waste management and textile and clothing industries.

Last month a team of the UP government led by Tourism Minister Jaiveer Singh went to Japan and South Korea to extend invitations for the Global Inventors’ Summit (GIS-2023).

During this, the team held 22 government to business (G2B) and government to government (G2G) meetings and received nine investment proposals worth Rs 25,456 crore, which are likely to generate 17,000 jobs. MoUs worth Rs 18,350 crore have been signed on four of these proposals.

In South Korea, Team Yogi held B2G meetings with Korea Overseas Infrastructure and Urban Development Corporation (KIND), Samsung Electronics and Coupang. In Japan, B2G meetings were held with NTT Global, Seiko Advance Ltd., Mitsui & Co. and Chubu Electric Power.

In addition, Team Yogi had  positive discussions with major investors, including Japan India Industry Promotion Association, Nissenken Quality Evaluation Center Tokyo Laboratory, One World Corporation and Mitsui & Co. Global Logistics regarding investment.

Japan India Industry Promotion Association and Nissenken Quality Evaluation Center Tokyo Laboratory will invest Rs 2,500 crore and Rs 10,000 crore respectively in the textile and garment industries in UP. This will result in the creation of 5,000 and 10,000 jobs in UP, respectively.

In waste management, One World Corporation will invest Rs 5,000 crore. With this, the state will have availability of 1,500 jobs and employment prospects. Seiko Advance Limited, on the other hand, will invest Rs 850 crore in the manufacturing sector. This will result in the creation of 200 jobs and employment prospects in the state.