UP is going to construct a manufacturing hub in Japanese and Korean style. The project is in initial phases that has been announced recently after a lot of background works from the companies of India, Japan and Korea. This will be suited for Japanese and Korean citizens as well to live in the cities, along with many commercial businesses similar to those countries.
The Japanese and Korean companies also shown a lot of interest to construct the cities. We have provided all the information related to Korea and Japanese cities in India.
Japanese & Korean Cities in Uttar Prades:
Uttar Pradesh is all set to construct Korea and Japanese cities which was part of UP Global Investors Summit that held last year. The meetings between Japanese and Korean investors as part of summit led to this brilliant idea of constructing cities of Japan and Korea in India. This will become one of the major manufacturing hubs in India as these cities will be built and seen in India like never before.
The Yamuna Expressway Industrial Authority has allocated two sectors in Gautam Buddh Nagar of UP. Japanese city will be built in sector 5A while Korean city will come in sector 4A along with residential areas for foreign staff. Both the cities are developed and constructed at an estimated cost of Rs2,544 crore. Even Noida International airport of Jewar is being enhanced and developed at about 10km to this place which will be supporting the project construction.
A Self-Sufficient City:
The CEO of Yamuna Expressway Industrial Development Authority (YEIDA) “Arun Vir Singh” said that both the cities are being built that will be self-sufficient for schools, hospitals, housing and other requirements, that supports stay of Japanese and Korean citizens in the cities.
Japanese city will have an area of 395 hectares while Korean city will have an area 365 hectares. Electronic hubs will have firms that will be manufacturing chips, AI equipment, semiconductors and cameras. 70% of provided land will be used for core industry, 13% will be used for commercial use, 10% for residential purposes, 5% for institutional purposes while the remaining 2% will be used for developing other facilities.
It is reported that Yamuna Industrial development Authority will be visiting Japan, Korea and Singapore to establish commercial businesses and other entitles in Noida, greater Noida regions. Along with this the authority will be providing a demos and ads regarding the schemes that have been launched as part of this program, so that investors will be coming forward to establish the same in these cities.
Development Authority demanding Interest Free Loans:
Authority is in plans for setting manufacturing units of medical and electronic equipment that will strengthen the relationship between the countries. Several companies have visited the region to discuss about the plan. The companies showed interest in developing the cities after soil testing and assessing the location.
The governments FDI policy which includes exemption of land costs, stamp suiters and other reductions was a major part of interest in these companies.
The development authority requested for 50% of interest free loan of the project costs while the state government already provided around Rs3,300 crore loan in 2 installments to authority. The authority is in plans to repay through future profits from development.
Conclusion:
This Japanese and Korean cities development will be mainly focusing on manufacturing hub in the state. The Authority has already started works for development with the support from state government. The authority is in big plans to finish the project in estimated timeframe along with completing in low budget.
The Japanese and Korean companies are also showing same interest in setting up both the cities in the state. This will turn the Uttar Pradesh into top electronic manufacturing hub state in India.
