AP to attract investments of over Rs 5 lakh crore at investors meet

VIJAYAWADA: The Andhra Pradesh government is expecting to get investment offers of more than Rs 5 lakh crore rupees at the two-day Global Investors Summit in Visakhapatnam from March 3, next Friday.

The key sectors where huge investments from industries, both domestic and international, are expected are the automobile and electric vehicle, food processing, aerospace defence, electronics, information technology, industrial logistics and infrastructure, health and medical equipment, pharma and lifestyle, petrochemicals, tourism, textiles, skill development, start-ups and innovation, higher education and renewable energy.

Hopes of AP are high, given the “good response” Chief Minister Y.S. Jagan Mohan Reddy got in his recent meeting with diplomats in New Delhi and the successful conduct of road shows by the AP government in Mumbai, Chennai, Bengaluru and Hyderabad to showcase the state as a potential destination for huge investments.

 AP has highlighted the availability of infrastructure, the industry-friendly regulatory policies and the single window system to clear both domestic and foreign investments without any hassle. The state government is expecting investments from several industries of major, medium and small scale.

The state industry department is working out the details of expected investments and Chief Minister Jagan Mohan Reddy is likely to announce it officially in a day or two.

 Meanwhile, the state government with its focus on automobile and electric vehicles sectors, has come up with a road map to take up 100 per cent conversion of APSRTC buses. All government vehicles will be converted into electric vehicles.

 There are also the plans to make smart cities - Visakhapatnam, Vijayawada, Amaravati and Tirupati – into electric mobility cities with an intent to convert the commercial and logistic fleet into electric vehicles by 2029 by way of providing all requisite infrastructure and opportunities to equipment manufacturers, component manufacturers and others.

 So is the case with another focus sector, the micro, small and medium enterprises, where the state government has initiated a series of measures like providing preferential market access in government procurements and other incentives under the welfare schemes like the YSR Jagananna Badugu Vikasam, the YSR Cheyutha, the YSR Asara etc to also promote women’s micro-enterprises.

 A senior official from the industries department said, “We are expecting a total investment offer of over Rs 5 lakh crore at the summit.”