In a sign of times to come, countries and states have started eyeing at the opportunity that disenchantment with China provides. Many people are not happy with how China manages things and plays roughshod over companies and other countries and has mishandled the COVID-19 outbreak.
Japan wooing companies in China
Already Japan has embarked on that direction and has announced a large stimulus package just to take companies out of China.
Japan has earmarked US$2.2 billion of its record economic stimulus package to help its manufacturers shift production out of China, as the coronavirus disrupts supply chains between the major trading partners.South China Morning Post
The package has 220 billion yen (US$2 billion) for companies that want to move their production base back to Japan, and 23.5 billion yen for those wanting to move to other countries.
The manufacturing for high-added value products will be moved back to Japan, while production for other goods will be diversified across Southeast Asia.
Yogi Government to woo China based companies with their own package
In that milieu, Chief Minister of Uttar Pradesh, Yogi Adityanath, has thrown his hat in the ring and also is preparing a plan to woo the companies currently in China. He has asked his bureaucrats to create a package to do just that!
Uttar Pradesh chief minister Adityanath has directed top bureaucrats to work out a special package, which could be offered to such companies in addition to the existing incentives already in place to attract private sector investment.“The chief minister has directed the industrial development and MSME department to formulate a package for these companies, which could be offered in the second round of our investment garnering exercise,” UP additional chief secretary Awanish Kumar Awasthi told the media her (Source: Covid-19: UP plans special package to woo MNCs disenchanted with China | Business Standard News)
After Yogi stabilized the law enforcement somewhat, it is now time to be aggressive on its dividends. So the wooing of investors. In 2018, he held the
In February 2018, the state had organised its maiden mega UP Investor Summit, which had garnered total investment commitments to the tune of Rs 4.68 trillion, of which projects totalling more than Rs 1.25 trillion have already witnessed their foundation laying ceremony.Business Standard
Yogi government has been doing awesome work in the most trying times. And as they say, when the going gets tough, the tough get going. That’s what Yogi is doing. (Also read – Who is the real Yogi Adityanath)
Steady and Aggressive
It is easier to mistake him as a monk and not fully conversant with things. But the truth is that Yogi Adityanath is aggressive as well as has a steady hand. When any calls for the companies to come, be assured that he has done his homework in terms of how to get them to invest. His track record with getting investments is excellent. Wooing companies in China will be another work that will work spectacularly!