UP Inc forges tie-ups in Africa, Europe to achieve $1 trn economy target

Aligning with the $-trillion economy goal set by the state government, the Uttar Pradesh Inc is forging industry and trade alliances with partners in the African, Latin American and European countries.

Recently, a delegation of Indian Industries Association (IIA), an apex body of micro, small and medium enterprises (MSME), visited Copenhagen to explore possibilities of export of Indian goods to Denmark and simultaneous import of advanced technology to the Indian shores.

The 13 thriving business clusters in Denmark are seen having a good potential for joint ventures, import and export, especially for the MSME sector.

“We are not only supporting the Centre for the uplift of established industries, but also new industries to achieve the overarching target of India becoming a $5-trillion economy by 2025,” Lucknow-headquartered IIA senior Vice-President Neeraj Singhal said.

In fact, UP is targeting to achieve merchandise exports of Rs 3 trillion in the next three years, up from the current level of about Rs 1.5 trillion. This is deemed possible only with catalysing exports and also foraying into new areas of manufacturing to capture the global markets.

So far, IIA has signed memorandum of understanding (MoU) with international industry bodies and engaged with their public and private sector representations to foster trade in an array of sectors viz. manufacturing, clean energy, MSME, agro, auto ancillary, etc. Some of these countries include Germany, Russia, Nigeria, Tanzania, Brazil, etc.

IIA has almost 10,000 MSME members in North India, especially UP. It is among the oldest industry chambers in the country and is represented in every MSME panel in India.

“We have been proactively firming up alliances with foreign trade bodies to promote industries. Recently, we have also signed an MoU with the Uganda National Chamber of Commerce,” IIA executive director D S Verma told Business Standard.

Earlier, the IIA had collaborated with the National Association of Small and Cottage Industries of Bangladesh (NASCIB) and the Federation of Nepal Cottage and Small Industries.

Besides, it has signed an MoU with ecommerce platform Amazon and Government e-Marketplace (GeM), which is promoted by the Centre for online procurement by the government departments and agencies.

Meanwhile, UP additional chief secretary, MSME and export promotion, Navneet Sehgal said the state government was providing industry with easy access to working capital apart from a host of incentives and subsidies.