PNS|Vijayawada
The Andhra Pradesh Investors Meet held in Chennai ahead of the Global Investors Summit 2023 offered to improve logistics performance by developing five Multi Modal Logistics Parks as well as ready-built infrastructure to shorten the time required to set up new facilities.
In the run-up to the much-awaited Global Investment Summit in Visakhapatnam, the Andhra Pradesh government, on Friday, held a road show in Chennai and apprised the investors about Andhra Pradesh’s abundance. Setting the tone for the meeting, Andhra Pradesh Finance and Legislative Affairs Minister Buggana Rajendranath said, “We are leveraging our geographical advantage of being in proximity to the city of Chennai. It is one of the top industrialised States in the country and has been at the forefront of industrial development for the past few decades. He went on to address Tamil Nadu as a sibling State.
“Andhra Pradesh and Tamil Nadu have a very strong foundation with their diversified portfolios of economic activity and can grow together for sustainable growth,” said Buggana.
The minister also pointed out that there were various sectors where both the States could work hand in hand like agriculture, maritime, infrastructure, green energy, logistics, tourism, etc. “Tamil Nadu is one of the top industrialised States in the country and has been at the forefront of industrial development for the past few decades due to the strategic advantage that they had.
We can collaborate in traditional sectors such as automobile, textiles, chemicals and petrochemicals, engineering, strong maritime infrastructure, renewable energy, social infrastructure such as education and health, as well as focus on modern forward-looking sectors such as IT, Global Capability Centers, Data Centers, Emerging Technologies, Defence and Electric Vehicles,” he added.
“Andhra Pradesh is hardwired to lead the Indian growth story and we want investors to take advantage of the opportunity and be a part of this journey,” he said. “We are providing 48,352 acres of land bank for industrial development,” he added.
He also added that in the last 3.5 years, “The State has approved investments to the tune of Rs 1.9 lakh crore. That would go on to create employment for around 90,000 people in the State in the future.”
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).
The four new ports at Ramayapatnam, Machilipatnam, Bhavanapadu and Kakinada are being built. The State also intends to develop Inland Waterways, which will reduce the cost of logistics for moving cargo within and outside the State. As many as 27 locations have been identified as prioritised terminals. The waterways will have the potential to handle 10 MT by 2029. Andhra Pradesh is in the process of developing three national industrial corridors in the State, the only State to do so in the country. It has been sanctioned to build a Bulk-Drug Park, the only State in South India, with the financial assistance of Rs 1,000 crore (USD 125 million).
Key functionaries from various departments, ministries, and State government institutions had an open interaction with the investing community in Chennai on Friday. They promised to handhold potential investors and facilitate the fastest turnaround time. The presentations showcased the present and upcoming infrastructure and the conducive policy environment of the State.
Andhra Pradesh is India’s gateway to the southeast with its 974 km long coastline, the second longest in the country, six existing ports, and four upcoming ports. However, 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 pc in 2021-22. The State has embarked on a rapid growth path under the able leadership of CM Y.S. Jagan Mohan Reddy.
