PNS|Vijayawada
Minister for Finance, Buggana Rajendranath Reddy has said that the Andhra Pradesh Global Investors’ Summit 2023 is an ideal platform for companies to learn about Andhra Pradesh, and its advantages, witness the progress being made, and engage with us to discuss potential opportunities to collaborate.
Addressing the Bengaluru Industry meet under the Domestic Roadshow for the GIS-2023 programme, FM Rajendranth said, “Andhra Pradesh takes great pride in consistently being ranked the number one state in the country for Ease of Doing Business (EoDB).
We strongly believe that this is truly a strong testimony to our streamlined business processes with paramount importance given to credibility and reliability.”
He further said that AP’s aim is to provide a truly conducive ambience for business to thrive, and move from “ease of doing business” to “lowest cost of doing business”.
The FM said that AP’s efforts were also recognised by India’s top policy think tank NITI Aayog, which rated the State number 4 in its SDG India Index rankings for 2020-21 across social, economic, and environmental criteria and AP is developing 3 national industrial corridors in the state (VCIC, CBIC, HBIC).
The FM said, “We have an abundant land bank (48,352 acres) for industrial development, AP has 888 km of national waterway within the state.
We intend to develop Inland Waterways, which will reduce the cost of logistics for moving cargo within and outside the state. 27 locations have been identified as prioritised terminals.
The waterways will have the potential to handle 10 MT by 2029. The state is also spending a significant amount of its budget on developing air connectivity in the state, with a greenfield international airport coming up at Bhogapuram near Visakhapatnam at a cost of Rs 2,500 crore (USD 300 million). Andhra Pradesh is developing a Bulk-Drug Park. We are the only state in Southern India which was sanctioned such a Park, with the financial assistance of INR 1,000 cr (USD 125 Mn).”
FM Rajendranath said, “AP has 9 GW of renewable power installed capacity. With rich renewable energy hubs, the State carries the potential for setting up 38 GW in solar and 44 GW in wind and AP is one of the few water-abundant states in India with the allotment of at least 10% available capacity to the industries. Andhra Pradesh is also focusing on ensuring that an industry-relevant workforce is available for industry to absorb through the development of 26 Skill colleges across all the parliamentary constituencies in the state. On behalf of the State Government, I cordially invite you to the vibrant coastal city of Visakhapatnam on March 3 and 4.”
