Lucknow, Aug 18 (KNN) Micro, Small and Medium Enterprises (MSMEs) in Uttar Pradesh (UP) will soon be flooded with ample of opportunities to grow financially amid COVID-19 crisis as South Korean electric vehicle maker Edison Motors has expressed interest in investing almost Rs 5,000 crore to set up its production facility in UP.

According to various media reports, the company managing director Y K Lee has met UP Chief Minister Yogi Adityanath at his residence in Lucknow and expressed desire to set up an electric vehicle in the state.

Apart from creating fresh employment opportunities for 5000 people, Lee said that the company would source 90 per cent of the machine parts for their electric vehicle plant from local vendors and manufacturers in UP, which would directly help the state MSME.

The Korean company has plans to invest Rs 500 crore to Rs 700 crore in the first phase, Rs 1,000-1,500 crore in the second phase and Rs 2,000-3,000 crore in the third phase of its electric vehicle plant.

The Adityanath led UP government had recently cleared a new investment policy which will not only boost the existing and new industrial projects, it has the propensity to position UP much favourably before the prospective global investors mulling to shift their manufacturing bases out of China following the outbreak of pandemic and the ongoing US-China trade war.

Eventually, the chief minister assured all possible help and stressed that efforts were on to review the electric vehicle policy to make it more attractive.