UP Inc forges tie-ups in Africa, Europe to achieve $1 trn economy target
- IBEF
- September 2, 2022
In line with the state government's US$ 1 trillion economic goal, Uttar Pradesh is forming industry and trade ties with partners in Africa, Latin America, and Europe. A delegation from the Indian Industries Association (IIA), the apex body of micro, small, and medium enterprises (MSME), recently visited Copenhagen to investigate the possibility of exporting Indian goods to Denmark while simultaneously importing modern technology to Indian shores.
Indeed, UP aims to increase merchandise exports to Rs. 3 trillion (US$ 37.66 billion) in the next three years, from around Rs. 1.5 trillion (US$ 18.83 billion) now. So far, the IIA has signed memorandums of understanding (MoUs) with foreign industry associations and worked with their governmental and private sector representatives to promote trade in a variety of sectors, including manufacturing, clean energy, MSME, agriculture, auto auxiliary, and so on. Germany, Russia, Nigeria, Tanzania, and Brazil are among these countries.
In North India, particularly in Uttar Pradesh, the IIA has almost 10,000 MSME members. It is one of the country's oldest industry chambers and is represented on every MSME panel in India. Meanwhile, Mr. Navneet Sehgal, additional chief secretary for MSME and export promotion in Uttar Pradesh, stated that the state government is giving industries easy access to working capital, in addition to a slew of incentives and subsidies.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
Partners
