UP signs MoUs for logistics and defence worth Rs 164,000 million

As part of the UP government's efforts to strengthen the defence and aerospace sectors, the state has signed memorandums of understanding with North American firms worth nearly $2 billion.The agreements were signed with companies incorporated in the US and Canada, a senior government official revealed. US-based Mobility Infrastructure Group will invest Rs 8,2000 million in logistics projects, generating 100 new jobs. Canada-based QSTC will also pump in Rs 8,200 crore in defence and aerospace projects, creating 200 jobs.

The UP government hopes to showcase the state's military hardware manufacturing potential as well as the UP Defence Corridor at the UP Global Investors' Summit (GIS) 2023 in Lucknow. US, European, Russian, UK, Swedish, France, Israel, and German defence manufacturers are expected to attend.

Some of the companies in attendance will be Northrop Grumman, a US missile manufacturer; British manufacturer of missile launch systems and ammunition; Umarex, a German gun manufacturer; Carl Gustaf M4 rifles are manufactured by the Swedish company SAAB; Almaz-Antey in Russia, a major exporter of military hardware; Dassault Aviation, based in France, which manufactures Rafale aircraft; and Israel Weapon Industries (IWI), which is involved in the production of unmanned aerial systems.

In the near future, India plans to export defense manufacturing worth $5 billion. The Central Government's efforts to achieve this objective are seen in the two defense corridors in Uttar Pradesh and Tamil Nadu. There are six nodes in the UP Defense Corridor: Agra, Chitrakoot, Lucknow, Kanpur, Jhansi, and Aligarh The state currently owns 1,600 hectares of land that will be distributed to businesses.

In the meantime, the UP delegation to North America, led by cabinet minister Dharampal Singh and state legislative assembly speaker Satish Mahana, held 51 meetings between government and business in the United States and Canada. They received 27 letters of intent (LoIs) worth Rs 41,000 crore, and eight of those proposals were turned into Memoranda of Understanding (MoUs) and signed. The UP government is aiming for Rs 17 trillion in private investment at the mega summit.