UPGIS 2023: UAE’s Lullu Group signs MoU with UP govt, set to open malls in Ayodhya & Varanasi

New Delhi: The centuries-old traditional and economic relations between India and the UAE, will further get strengthened through the Uttar Pradesh Global Investors Summit, which will prove to be a milestone for UP and UAE, said Minister of MSME in the Yogi Government Rakesh Sachan.

While addressing a session with delegates from the Unitrd Arab Emirates (UAE) during the 2nd day of the Global Investors Summit on Saturday, Sachan interacted with HE Ahmed Bin Ali Al Sayegh Minister of UAE and Minister of State for Foreign Trade, Ministry of Economy HE Dr. Thani Bin Ahmed Al Zeyoudi.

The UAE ministers said that this was just the beginning as in the coming times many of their investors will move to UP and take advantage of the investment-friendly environment brought about by the Yogi government in UP.

SHG products to be made available in Lulu Malls

Rakesh Sachan said that on 23rd September 2021, there was a partnership between the Government of India and the UAE for economic cooperation, which gave extremely positive results. This partnership has resulted in manifold increase in trade between the UAE and India. Exports and imports from the UAE have reached $50 billion.

“We look forward to good relations with UAE in UP. Last month, our team visited UAE, where Dr. Thani warmly welcomed us. The Abu Dhabi Chambers of Commerce and Industry also extended a lot of cooperation. Lulu Mall has signed an MoU of Rs 3300 crore with us, under which it will open its malls in Ayodhya and Varanasi as well as some other places,” he further informed.

At the same time, Elana Group has also announced investment in the food processing sector. An agreement has also been signed with Lulu Mall for self-help groups, so that the products made by the women of SHGs can also reach the people through these malls.

Urging investors to collaborate with UP, Sachan said, “The mantra given by Chief Minister Yogi Adityanath of ‘work for every hand, smile on every face’ has to be made successful at all costs. I appeal to the investors of UAE to come and invest in UP.”

100 billion trade target in 5 years: UAE Min

UAE’s Minister of State said that we have mutual relations with Uttar Pradesh. We have recently taken forward Government to Government cooperation with each other and I am hopeful that this cooperation will scale new heights.

Apart from traditional investments in Uttar Pradesh, we are also focusing on new and emerging sectors. These include defence, space, food processing, agriculture processing, climate, drone technology, logistics and many other areas. In this series, some UAE companies are going to set up food parks in Uttar Pradesh. We have set a target that the UAE’s total trade with India will reach $100 billion in the next 5 years. Last year, to strengthen India-UAE economic ties, we launched ‘I Too, You Too’. It was very successful.