Uttar Pradesh Government Secures Massive Investment Proposals at Davos World Economic Forum
The Uttar Pradesh government has achieved a significant milestone by securing investment proposals worth nearly Rs 3 lakh crore at the 56th Annual Meeting of the World Economic Forum in Davos, Switzerland. Finance Minister Suresh Kumar Khanna, who led the state delegation, announced this remarkable achievement during a press conference in Lucknow on Tuesday.
Comprehensive Engagement with Global Corporations
The UP delegation conducted an impressive 119 high-level meetings with 55–56 major global companies during the summit held from January 19 to 23. This extensive engagement resulted in the signing of 31 Memoranda of Understanding across diverse sectors that are crucial for the state's economic development.
The total proposed investment through these agreements exceeds Rs 2.92 lakh crore, marking one of the largest investment hauls by any Indian state at the prestigious global forum.
Key Sectoral Investments and Major Projects
The investment proposals span multiple growth-oriented sectors including:
- Data centers and artificial intelligence
- Renewable energy and waste-to-energy projects
- Manufacturing and defense production
- Logistics and tourism infrastructure
- Food processing and electric vehicles
- Pharmaceuticals and healthcare
The most substantial investment commitment came from Netherlands-based company AM Green, which proposed approximately Rs 2.10 lakh crore for establishing an AI-based 1 GW data centre in Greater Noida by 2028. This landmark project is expected to drive a digital and technological revolution in Uttar Pradesh while generating substantial employment opportunities through allied industries.
Renewable Energy and Green Initiatives
Uttar Pradesh New and Renewable Energy Development Agency Director Inderjeet Singh highlighted crucial MoUs in the renewable energy sector, including:
- Rs 1,000 crore for solar rooftop and battery energy storage systems
- Rs 1,100 crore for a hybrid electric vehicle plant
- Rs 10,500 crore for solar power projects and solar module manufacturing
- Rs 3,800 crore for a green manufacturing park featuring 3 GW solar cell module capacity and 60 MW solar plant
Additionally, REC Limited proposed investments worth Rs 8,000 crore for 500 MW agriculture waste-to-energy projects, while a non-financial MoU was signed with NTPC Green Energy for renewable energy and green hydrogen initiatives.
Manufacturing and Industrial Development
Rashmi Metallics proposed a Rs 4,000-crore investment for establishing a 1 MTPA integrated steel plant, further strengthening the state's manufacturing capabilities. The delegation also held productive discussions with global giants including AB InBev, Godrej, Philip Morris International, and Schneider Electric on implementing smart factories, Industry 4.0 technologies, and supply chain development.
Technology and Digital Transformation Focus
Extensive discussions were conducted with leading technology companies such as Google, Uber, ASR Technology, Tech Mahindra, Cisco, Deloitte, Google Cloud, Autonation Energy, and SS Technology. These conversations centered on establishing Global Capability Centers, advancing artificial intelligence applications, developing data centers, enhancing digital governance, promoting skill development, and implementing innovative mobility solutions.
ASR Technology signed an MoU worth Rs 200 crore, while Uber expressed interest in expanded mobility collaboration and potential establishment of a Global Capability Center in the state.
Healthcare and Life Sciences Opportunities
On the healthcare, pharmaceutical, and life sciences front, Bayer Consumer Health and AGLT Technologies explored opportunities in agro-processing, pharmaceuticals, diagnostics, research and development, and life sciences. Bayer Consumer Health specifically highlighted possibilities for expansion in Uttar Pradesh's industrial hubs, indicating growing confidence in the state's healthcare infrastructure.
Implementation Framework and Monitoring Mechanism
Finance Minister Khanna emphasized that all MoUs signed at Davos will undergo regular monitoring and follow-up procedures. A dedicated single-window team will be constituted to ensure time-bound support from approvals to project operations for the implementation of these 31 investment proposals. This systematic approach aims to convert proposals into operational projects efficiently.
Global Participation and National Representation
The World Economic Forum conference, organized under the theme "The Spirit of Dialogue," witnessed participation from nearly 3,000 representatives from over 130 countries. This included more than 60 heads of state, top global industry leaders, policymakers, civil society representatives, and innovators.
From the Government of India, Union Minister for New and Renewable Energy Pralhad Joshi, Union Minister for IT and Electronics Ashwini Vaishnaw, and Union Civil Aviation Minister K. Ram Mohan Naidu participated in the conference. Uttar Pradesh was among the 10 Indian states that participated in this prestigious global gathering.
The Uttar Pradesh delegation included Infrastructure and Industrial Development Commissioner Deepak Kumar and other key officials who contributed to the successful outcome of the state's participation at Davos.
