Thursday, February 22, 2024

Industrially parched AP post bifurcation pins hopes on investors’ summit

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Andhra Pradesh, a state parched industrially post bifurcation in 2014, has pinned hopes on the Global Investors Summit (GIS), scheduled on March 3 and 4 in the port city of Visakhapatnam, for investments, jobs and infrastructure.

A galaxy of industry captains and Union Ministers are set to descend on AP’s largest city, where the state government aims to move the administrative capital ‘soon’ as part of capital trifurcation strategy.

Union Ministers include Nitin Gadkari, Piyush Goyal, Rajeev Chandrasekhar and Kishan Reddy while Mukesh Ambani, K M Birla, Sanjiv Bajaj and Sajjan Jindal are some of the top industrialists confirmed to participate.

Renowned representatives from Jindal Steel & Power Ltd, Oberoi Group, Renew Power, Cyient, The India Cements Ltd, Apollo Hospitals, Parley for the Oceans and a co-founder of Tesla Inc. among others will mark their presence.

The people’s great expectations for major investment announcements may take shape at the two-day summit.

Besides regular sectors, the summit has lined up a series of sessions on technologies such as green hydrogen, electronic mobility, start-ups, industrial and logistics infrastructure, electronics, aerospace and defence.

The Netherlands, United Arab Emirates (UAE), Vietnam and Western Australia will host country sessions, even as a special high level session on transformative food systems will also be held on the sidelines.

Other sessions will deliberate on petroleum and petrochemicals, higher education, tourism and hospitality, skill development, textiles, apparels, pharmaceuticals and life sciences.

In the run-up to the summit, AP showcased its strengths in various fields, especially in industrial corridors, aerospace and defence, mines and minerals, electronics, IT, food processing, aquaculture, automobiles and MSMEs through a string of roadshows.

Over time, Andhra Pradesh Industrial Infrastructure Corporation (APIIC) has developed over 534 industrial estates with facilities such as power, water, ETP, STP, plug-and-play and other essential amenities.

Hitherto, these estates have accommodated 18,725 units which have invested Rs 50,000 crore to employ four lakh people.

“Andhra Pradesh is the only state with three industrial corridors i.e Visakhapatnam-Chennai, Chennai-Bengaluru and Hyderabad-Bengaluru where we have 48,000 acres of land for industrial allocation,” said AP Industries Minister Gudivada Amarnath.

Further, he announced that the forthcoming new industrial policy for the period 2023-2028 will create an inclusive and balanced regional development, promote start-up culture and ensure skill development in the coastal state endowed with a coastline of almost 1,000 km.

Exuding confidence, he said the southern state is heading towards becoming the best destination for investment in the country’.

Andhra Pradesh is a gateway to Asian countries for all exports and imports, said Finance Minister Buggana Rajendranath, adding that Rs 2,500 crore is being spent on bolstering the state’s air connectivity by building an international airport at Bhogapuram near here.

Moreover, the state intends to develop inland waterways to slash logistics costs as 27 locations have been identified as prioritised terminals. Waterways in AP will have a potential to handle 10 MT of cargo by 2029.

According to the industries minister Amarnath, the state will provide a one-stop digital platform for all domestic and foreign investments through Andhra Pradesh Single Desk Portal, including confirming that business-specific approvals to set up companies will be granted in 21 days’ time.

Other enticements include business friendly environment, best-in-class facilities, hassle-free setup, skilled talent pool and end-to-end handholding assistance.

The outcome of the summit is much anticipated while it is hoped that the actual translation of investment pledges into real action bucks the familiar trend noticed across the country through several summits of this fashion.

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