Another remarkable success for Chief Minister Yogi Adityanath-led Uttar Pradesh (UP) government as their efforts to attract foreign direct investments and in turn become a manufacturing hub that seems to be succeeding.
The South Korean electric vehicle maker Edison Motors announced that they are planning to invest Rs 5,000 crore to set up a production facility in the Uttar Pradesh, as per the reports.
What Is The Plan?
According to the official, a delegation of South Korean electric vehicle manufacturer, Edison Motors led by Managing director Y K Lee met the chief minister Yogi Adityanath on Monday and informed about their desire to invest in the state.
Further, the electric bus maker has proposed to invest Rs 500-700 crore in the first phase of the electric vehicle plant in the state.
Moreover, in the second phase, the company is planning to invest Rs 1,000-1,500 crore and afterworld Rs 2,000-3,000 crore in the third phase.
As per the plan, over 90 percent of the components will be manufactured in the UP in turn benefitting its MSME sector.
Currently, they are working on finding a suitable land near Lucknow and Yamuna Expressway to set up the plant, Lee said.
Fresh Employment Opportunities
Further briefing about the company’s profile, Lee apprised the CM about the investment Edison Motors foresee in the coming future.
He said that the investment will spread over three phases, which would collectively be expected to create fresh employment opportunities for more than 5,000 people in the state.
In response, Aditynath assured to provide all possible help and support to the South Korean business delegation.
Further, he also said that the state government is in the process of revisiting and amending the existing electric vehicle policy to make it more attractive and competitive for investors.
While talking about the state, Aditynath said that Uttar Pradesh can provide the largest consumer base and also it is the most investor and business-friendly state.
The added advantage is its extensive network of expressways and highways, further offering good connectivity.
Lee said that they would source 90 percent of the machine parts for their electric vehicle plant from local vendors and manufacturers in UP.
This would directly help the micro, small and medium enterprises (MSME) in the state.
Moving ahead, Lee thanked the CM and also expressed his satisfaction at the assurance held out by the latter regarding the investment proposal made by the company.
In the meantime, the state talked about the past relationships between UP and South Korea for promoting trade ties between the two regions.
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