Uttar Pradesh has entered into a new era of development and investment as steps taken by the state government to improve the ease of doing business as well as law and order have earned investors' confidence, Chief Minister Yogi Adityanath said on Monday.

Steps taken for ease of doing business, and to improve the law and order situation have helped the state to emerge as a preferred destination for investment in the last seven years, Adityanath said while unveiling a Rs 5,500-crore meeting centre of Swedish retail giant Ikea at Noida.

"Uttar Pradesh has entered into a new era of development and investments in the last seven years. In the last 7 -7.5 years Uttar Pradesh has earned the confidence of investors in India and around the world. Ikea India is one of those investors," said Yogi Adityanath in his virtual address.

Now UP is receiving new proposals for investments, which is also helping the state to check the rate of unemployment, he said adding the state has "unlimited potential".

The chief minister also thanked the Ikea group for investing Rs 5,500 crore in the state to set up a 'Lykli' centre, which will have a meeting place, store, hotels and other facilities.

"The investment proposal has a provision for creating space for Ikea retail stores, hotels and offices as well as developing a shopping centre. This is not only an investment for us but also a way to provide jobs to more than 9,000 youths," said Yogi Adityanath .

With its 27 new sectoral policies for investment, the state is contributing to the growth of the country, he said.

Ambassador of Sweden to India Jan Thesleff and UP Industry Minister Nand Gopal Gupta were present at Noida.

Uttar Pradesh is the most populous state in the country and contributes 9.2 per cent to India's GDP .

"This is rapidly emerging as the second biggest economy in India as a growth engine for development. It is also strongly supporting the Indian economy," Yogi said adding the state has not only emerged as a "dreamed destination" for investment but also is a big market for them.

When in 2017, Uttar Pradesh formulated its industrial development policy, Prime Minister Narendra Modi said that the investment should be linked with employment, the Chief Minister said.

"This investment will help set up UP as the leading economy of the country as intended by the Prime Minister," he said.

Moreover, the Gautam Buddha Nagar district, which is known for its better infrastructure, is also known for its better law & order situation. Now this will also connected with a new international airport coming to Noida.

Ingka Centres, a part of Ingka Group that operates Ikea retail stores, on Monday laid the foundation for its second meeting place in India at Noida under the Lykli brand.

It is investing 607 million euros (about Rs 5,500 crore) to set up its second centre, which will be ready by 2028 and also have an Ikea store inside.