C Pradeep Kumar
Visakhapatnam
Chief Minister YS Jagan Mohan Reddy has announced that the State has received 340 investment proposals with investment of about Rs 13 lakh crore, providing employment to almost six lakh people across 20 sectors distributed across the State. As of today, we will execute 92 MoUs with 11 lakh crore, the remaining will be executed tomorrow, he said.
Addressing the industry leaders at the Global Investors Summit 2023 in Visakhapatnam on Friday, the Chief Minister said, “Through this summit, we would like to communicate to the domestic and international community that you are important to us. We are sharing the opportunities that the State has to offer. The emphasis is on healthy competition and exploring long-term partnerships.”
Chief Minister Jagan also emphasised that the APGIS is taking place in 2023 which is an important year for India. “Our country is playing a key role as the leader of G-20. This throws up great opportunities for India in terms of attracting global investment and technology. CM assured the delegates, that the State of Andhra Pradesh is prepared to be at the forefront of emerging growth opportunities.”
The CM also pointed out the potential of the State in the renewable energy sector. “Andhra Pradesh is blessed with a large renewable energy potential of 82.5 GW. It is one of the very few states in India that has combined potential for solar, wind, and pumped storage. We have also identified and set aside dedicated land parcels for wind, solar, and pumped storage projects,” he said.
The CM concluded his speech by telling the present dignitaries to enjoy the hospitality and scenic beauty of the city, “I do hope that you have a wonderful time in our beautiful city of Visakhapatnam, which would be our executive capital as well in the days to come,” he said.
Jagan Mohan Reddy said that Andhra Pradesh is India’s gateway to the southeast with its 974 km long coastline, the second longest in the country, 6 existing ports, and 4 upcoming ports. Coincidently, it has also emerged as the fastest-growing state in India, as per the number released so far, with double-digit growth of 11.43% in 2021-22. The state has embarked on a rapid growth path under the able leadership of YS Jagan Mohan Reddy, Honorable Chief Minister. Thanks to the governance reforms and formulation of investor-friendly policies by the government, the State has emerged on top in terms of ease of doing business (EoD) for three consecutive years.
He said consistent improvement in the governance framework to create hassle-free investing is augmented by hard infrastructure. The improvements have been duly recognized and the state has received various awards over the last year alone. To name a few the LEADS award for logistics 2022, the Inertia Award for Energy 2022, the ET award for port-led, and the infrastructure project 2022.
92 MoUs inked on Day 1
On Day 1, a total number of 92 Memorandums of Understanding (MoUs) worth Rs 11,87,756 crore were signed, raising hopes of generating 3.92 lakh employment in the State.
The Energy Department attracted 35 investment proposals with Rs 8.25 lakh crore investments, generating 1.33 lakh employment. Followed by Industries & Commerce which attracted around 41 proposals with an investment of Rs 3.20 lakh crore that will generate 1.79 lakh employment. The IT and ITES Department managed to get six proposals with an investment of Rs 32,944 crores which will generate employment for 64,815 people. The Tourism Department managed to get 10 proposals with an investment of Rs 8,718 crore which will generate employment for 13,400 people in the State.
Amongst the major investors are, the National Thermal Power Corporation (NTPC) has signed three MoUs with an investment of Rs 2,35,000 crore which will generate employment for 77,000 people. JSW Group signed six MoUs, the largest amongst the lot with an investment of Rs 50,632 crore which will generate employment for 9,500 people. ABC Limited has signed 1 MoU with an investment of Rs 1.20 lakh crore generating employment for 7,000 people of Andhra Pradesh. Aurobindo Group signed five MoUs with an investment of Rs 10,365 crore which will generate employment for 5,250 people. Adani Green Energy has signed two MoUs with an investment of Rs 21,820 crore which will generate employment for 14,000 people. Aditya Birla group has signed two MoUs with an investment of Rs 9,300 crore which will generate employment for 2,850 people. Jindal Steel has signed 1 MoU with an investment of Rs 7,500 crores which will generate employment for 2,500 people.
Consistent improvement in the governance framework to create hassle-free investing is augmented by hard infrastructure. The improvements have been duly recognised and the State has received various awards over the last year alone. To name a few the LEADS award for logistics 2022, the Inertia Award for Energy 2022, and the ET award for port-led infrastructure projects 2022.
The sprawling sports ground of Andhra University is hosting the two-day meet, where about 200 stalls have been set up, including over 30 showcasing the various advantages of investing in Andhra Pradesh in 13 crucial sectors identified by the government. The venue consists of five massive halls and each hall will host different events such as government-to-business (G2B) meetings, seminars, and meetings. Over 8,000 dignitaries and investors from across India and abroad including China and USA attended the event.
