In a move to attract more NRI investment, the UP Finance Corporation offices will soon house the brand new UP NRI Corporation, the formation of which is already underway. It is part of the Samajwadi Party government's initiative to roll out the red carpet for UP NRIs. Chief Minister Akhilesh Yadav is scheduled to make a formal announcement on the new Corporation at the Pravasi Bharatiya Divas (PBD) in Gandhi Nagar on January 9, in which UP will participate and Akhilesh will chair an exclusive session on UP. He is also expected to urge UP's NRI community to re-establish a connect with the state. This is the first time the UP Government will participate in the PBD, and the decision to set up the NRI Corporation has been taken to ensure minimum bureaucratic red tape in dealing with matters pertaining to NRIs.