Uttar Pradesh Strikes Major Investment Deals at Davos Forum
Uttar Pradesh secured memoranda of understanding worth Rs 9,750 crore at the World Economic Forum annual meeting in Davos on Monday. This significant achievement promises to accelerate investments across three critical sectors: clean energy, artificial intelligence, and defence manufacturing.
Delegation Led by Finance Minister Suresh Khanna
The state delegation, headed by Finance and Parliamentary Affairs Minister Suresh Khanna, launched its Davos engagements with a packed schedule of high-level meetings and deal signings. Invest UP, the government's dedicated investment promotion agency, coordinated these activities. A government spokesperson emphasized that these agreements demonstrate Uttar Pradesh's determined push to establish itself as a future-ready and investor-friendly destination.
Breakdown of Major Investment Commitments
The signed MoUs include substantial financial commitments from prominent companies:
- SAEL Industries Ltd pledged Rs 8,000 crore for developing waste-to-energy projects, a major boost for the state's renewable energy portfolio.
- Sify Technologies proposed an investment of Rs 1,600 crore to establish an AI-ready data centre and develop an AI City in Noida, marking a significant step in tech infrastructure.
- Yeoman signed an MoU worth Rs 150 crore focused on defence manufacturing and weapons system integration, strengthening the state's strategic industrial base.
Aligning with State's Long-Term Vision
State officials clarified that these proposed investments perfectly align with Uttar Pradesh's long-term strategic goals. The vision prioritizes sustainable development, technology-driven governance, and large-scale employment generation. Officials believe these deals will significantly enhance the state's global competitiveness and economic stature.
Extensive Business-to-Government Meetings
The Uttar Pradesh delegation, comprising officials from infrastructure, industry, energy, and the chief minister's office, conducted numerous business-to-government meetings. They engaged with a diverse mix of global and Indian corporations, including Louis Dreyfus Company, Uber Technologies, Automation Anywhere, PepsiCo, HCL Software, Google Cloud, Greenko, and Deloitte South Asia.
Key Discussions with Uber Technologies
A particularly noteworthy interaction took place with Uber Technologies. The discussions explored avenues for expanded investments, new mobility partnerships, and the potential establishment of a global capability centre in Noida. Uber officials noted that the company already operates approximately 1.5 lakh vehicles across more than 13 locations in Uttar Pradesh. They identified promising opportunities in tourism enhancement, improving last-mile connectivity, and deploying innovative mobility solutions across the state.
Focus on Climate Innovation
In a separate meeting, the delegation connected with Neeraj Agarwal, founder and CEO of Carbon Compass. Their conversation centered on climate innovation and strategies for achieving sustainability-led economic growth, reflecting the state's commitment to environmental responsibility alongside industrial development.
The successful Davos outing underscores Uttar Pradesh's aggressive and strategic approach to attracting high-value investments that promise to transform its economic landscape.
