Jaunpur: Uttar Pradesh Chief Minister Yogi Adityanath addresses a campaign rally for the Lok Sabha elections at Mariahu, Jaunpur, Wednesday, May 22, 2024. (Photo: PTI)
The Uttar Pradesh government wants to acquire nearly 760 hectares of land to develop exclusive Japanese and South Korean industrial enclaves in Noida.
Nodal Agency Yamuna Expressway Industrial Development Authority (YEIDA) will acquire land in Gautam Buddha Nagar district for the proposed Japanese and South Korean industrial cities.
Moreover, YEIDA will invest over Rs 2,500 crore in the development of the two Japanese and South Korean cities covering 395 hectares and 365 hectares respectively.
These hubs are positioned to attract manufacturers from these countries to set up units in UP to cater to the domestic and global markets, a senior UP government official said.
The proposal to develop the cities was mooted at the UP Global Investors Summit (GIS) 2023 after discussions with investors from Japan and South Korea.
The Yogi Adityanath government has already received positive response from investors.
“Since the two mega-industrial townships will come up near the upcoming Jewar International Airport, we believe this would open the floodgates for major foreign investments. This would be mainly in electronics and information technology (IT),” he added.
Earlier, YEIDA CEO Aun Vir Singh said the cities will support the manufacturing of electronic products including artificial intelligence (AI), microchips and semiconductors, among others.
The UP Foreign Direct Investment (FDI) policy, seamless connectivity and growth potential in the Noida-NCR region are also attracting companies to make investments in the state.
The authority even plans to acquire about 6,000 hectares flanking the Yamuna Expressway for development near the international airport. YEIDA will have to shell out Rs 14,000 crore for land acquisition over the next two years.
While 1,600 hectares will be purchased directly from landowners, almost 4,000 hectares will be acquired through land acquisition. The remaining 400 hectares, owned by the government, will be reclaimed for this purpose.
YEIDA has estimated the cost at nearly Rs 63,000 crore for developing basic infrastructure such as roads, electricity and public amenities for acquiring 6,000 hectares.
This is to make it ready for urbanization – industries, townships and commercial arcades.
First print: June 6, 2024 | 12:37 pm IST