The move comes after UP Chief Minister Akhilesh Yadav had launched an ambitious programme to boost all-round development of the state.
Five leading Indian-owned businesses in the UAE will invest over USD 3.68 billion in infrastructure and industrial development initiatives in Uttar Pradesh after an MoU was signed in this regard during an investment forum held in Dubai.
The move comes after UP Chief Minister Akhilesh Yadav had launched an ambitious programme to boost all-round development of the state by attracting NRI investments from across the globe, especially from the Middle East.
The UAE-based Indian companies signed a Memorandum of Understanding with the state government which was represented by a high-level delegation of officials who visited the UAE on Thursday.
The names of the investors will be announced by the UP government in the coming weeks.
The companies pledged to invest in the state's upcoming manufacturing, utilities and healthcare initiatives. The announcement was made at the Investment Forum, supported by Indian Business and Professional Council, that was organised to promote trade, investment and economic cooperation between UP and the Middle East by offering investment opportunities in major sectors, including manufacturing (especially food processing), infrastructure, energy, power and healthcare.
In recent months, UP has taken a slew of measures in improving overall infrastructure & logistical facilities, including launching mega road projects, such as the 1047-km long, 8-lane Ganga Expressway along the course of the river Ganga, joining far east with national capital.
Numerous developmental projects in power, metro-rails, transport, education, health and urban rejuvenation are at different stages of implementation and there are many more in pipeline, reconfirming the state's commitment to commercial opportunities for stability and growth.
Earlier this year, the Abu Dhabi-based Lulu Group announced that it would be investing Rs 1000 crore to set up a shopping mall, convention centre and five-star hotel in UP. Lulu's initiative is expected to create more than 3,000 jobs once the project is completed.
"I believe that along with the opportunities in the region, there is also a perfect opportunity to invest back home in India, the first stop in the UAE's 'Look East' policy. The UAE is keen to innovate and build a knowledge economy.
Indian expertise could transform the next phase of development here, while India could gain from UAE investments for its Make in India campaign," said Kulwant Singh, President of IBPC.