US & Canada To Invest Big In Defence, Aerospace And Healthcare In UP

Following several delegations of state ministers and seniors officials from UP to various countries, Uttar Pradesh is now witnessing investments from across the globe. Ahead of the Global Investors Summit scheduled for February 2023, the Uttar Pradesh government has signed MoUs worth Rs 19,265 crores with investors from US and Canada.

The most favoured sectors for investors from these countries were logistics, defence and aerospace, owing to the fact that UP is one of the two nodes of the Centre’s flagship project Defence Corridor. According to official information, Mobility Infrastructure Group will be investing Rs 8200 crores in this sector within the state. At the same time, QSTC Inc company will also invest Rs 8200 crore in defence and aerospace.

Healthcare is another sector where a large-scale investment can be seen. MoUs totalling Rs 2055 crore were signed between the state government and health care sector companies. Under this, My Health Center and ZMQ Companies will invest Rs 2050 crores and Rs 5 crores respectively. On the other hand, Dezero Labs Inc company will invest Rs 10 crores in medical devices.

Apart from these, MoUs were also signed for investment in customer durables, hospitality and electronic manufacturing sectors. Akuwa Technology will invest Rs 100 crore in these sectors, Opulence Management Corp will invest Rs 500 crore in the hospitality sector, whereas Virtubox has signed an MoU for investment of Rs 200 crore in the electronic manufacturing sector.

The MoUs were signed recently in the presence of a delegation led by UP Assembly Speaker Satish Mahana and Animal Husbandry Minister Dharampal Singh. The delegation visited several cities in various countries, held about 51 Government to Government (G2G) and Business to Business (B2B) meetings in the span of three days, receiving 27 letters of intent worth more than Rs 41,000 crores, out of which eight proposals were converted into MoUs.

Of these MoUs, 4 of strategic partnership were signed. The MoUs on the remaining 19 proposals is expected to be signed before GIS-23.