AP clinches investments worth Rs 13 lakh Cr at Investors Summit: CM Jagan Mohan Reddy

VISAKHAPATNAM: Chief Minister Y.S. Jagan Mohan Reddy said Andhra Pradesh had received 340 investment proposals worth Rs. 13 lakh crore in 20 key sectors with a job potential for six lakh people, at the inaugural session of the two-day Global Investors Summit (GIS) that began here on Friday.

He said that of them, 91 MoUs worth Rs. 11.85 lakh crore with employment opportunities for four lakh people were signed on the first day while MoUs for the remaining amount of Rs. 1.15 lakh crore would be signed on Saturday. They have an assured job potential for two lakh people.

Reddy stated that by hosting the summit the YSRC government wanted to showcase the state’s potential for huge investments to the domestic and international communities and to proclaim the importance of their investments for the state’s development. He said that they wanted to promote healthy competition besides providing an industry-friendly environment backed by robust infrastructure facilities in order to forge long-term partnership with the industry bigwigs.

He said Visakhapatnam was known for its industries and picturesque beaches. The Chief Minister said that 2023 was a landmark year for India as it would host the G20 Summit. One of the summit meetings would be held in Visakhapatnam.

He reiterated that Visakhapatnam would be the executive capital of Andhra Pradesh and that is from where he would be taking up day-to-day administration of the state.

Reddy said that the state was contributing its share for the rapid growth of India given its abundant natural resources and 974 -km coastline, six airports with three having international status and three industrial corridors with the proactive government offering attractive incentives to boost industries.

The Chief Minister said that Andhra Pradesh registered a GSDP of 11.43 per cent, which was highest in the country in 2021-22. Niti Aayog ranked it as number three state in implementation of sustainable development goals. He laid emphasis on four pillars for the state’s economic and industrial growth, which included greenification, development of industrial and logistics infrastructure, digitalisation and promotion of entrepreneurship and skill development.

He said that they were according top priority for decarbonisation and promotion of renewable energy given the vast potential for production of 82 Giga Watts (GW) by using solar, wind and pumped storage. He said that there was an opportunity for 34 GW pumped hydro storage projects where power supply could be ensured for 24 hours in addition to having the potential for production, consumption and export of green hydrogen in the state. 

With regard to industrial and logistics infrastructure, Reddy said that Andhra Pradesh could be considered as the gateway in the south coast for India. In addition to the six existing ones, they are developing four new ports, including at Ramayapatnam, Machilipatnam, Bhavanapadu and Kakinada to promote port-based industrial units in the state. He said that they were developing five multimodal logistic parks in strategic locations and developing nine harbours for promotion of marine produce and their processing.

On digitalisation, Reddy said that they were offering a single portal for both domestic and international investors and said that they were offering requisite permission for setting up industrial units and business establishments in 21 days while over 540 services were being offered at village/ward secretariats through e-seva services.

On ‘ease of doing business’, Reddy stated that Andhra Pradesh has been atop for three consecutive years and there was a positive 97.89 per cent feedback on implementation of EoDB. He said that they either repealed or amended the obsolete laws for the benefit of investors to set up industrial units and business establishments in the state. He said 26 skill development colleges to be set up in the state in order to train youth to acquire skills of global standards.