Published on 31/05/2020 1:14:38 PM | Source: IANS

`UP Invest Agency`for domestic investors

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In order to help domestic investors in setting up industries and businesses in the state, the Yogi Adityanath government will set up a 'UP Invest Agency' under the 'Udyog Bandhu'.

The agency will assist investors from the time they approach the government till they are able to set up their units. The sole focus of this agency will be to assist investors in identifying sites, getting clearances and handling other problems till the industry becomes functional.

Chief Minister Yogi Adityanath has given an in-principal nod to the body and a cabinet clearance is now awaited to finalise its structure.

Uttar Pradesh Industries minister Satish Mahana said: "Uttar Pradesh is gearing up to increase investment in the state by inviting investors, both foreign and domestic. Earlier this month, we had set up help desks for three countries to hand hold their investors. The Invest UP Agency will be dedicated especially to domestic investors."

The agency will operate under Udyog Bandhu and each investor will be allocated a dedicated officer, who will ensure a smooth transition between the time the investor approaches the government and the point when the industry is set up.

The agency will also fast track investments for which the government had signed MoUs during the 2018 Investors' Summit.

The minister said: "We had signed MoUs worth more than Rs 4.28 lakh crore and carried out ground breaking for projects worth more than Rs 1.20 lakh crore. Several other projects have also been initiated over these two years. The agency will now approach investors with whom MoUs had been signed and see why the projects are pending. If they require any assistance, the agency will be their one-point destination for all trouble shooting."

In the beginning of May, the government set up a four-member help desk at Udyog Bandhu to interact with investors from South Korea, Japan and Uttar Pradesh and provide solutions.

The government is making concerted efforts to attract investments from these countries as several companies are preparing to wind up their operations in China in the aftermath of the Covid-19 pandemic.