Mumbai : Andhra Pradesh is on an investment attraction “blitzkrieg” for its +Global Investors Summit 2023+, where it held an “Investors Meet” here recently that witnessed a huge gathering of Maharashtra’s business fraternity.
The event is the fourth of many such meets being organised in the run-up to the Global Investors Summit on March 3 and 4, 2023 in Visakhapatnam.
Gudivada Amarnath, Minister for Industries, Infrastructure, Investment & Commerce, Information Technology, Handlooms & Textiles, Andhra Pradesh, said here that Investors from Maharashtra (“where Mumbai is India’s economic hub with over 14% of India’s GDP, and contributing to 20% of industrial output”) would get tailor-made business incentives for investments from the Andhra Pradesh Government,
Assuring the AP government’s +fastest single-window clearance, usable coastline, ports, quality power, abundant land bank, state-of-the-art infrastructure+ to Maharashtra investors for collaborating businesses for growth, the Minister noted that the industry meet would help improve cooperation between the growth-oriented, economic power-house states in the country.
Amarnath said that Andhra Pradesh — with its diversified portfolio across industry (including sectors such as automobiles, chemicals, aerospace & defence, pharmaceuticals, textiles etc), Infrastructure (ports, road network), IT/ITeS, Startup ecosystem, Gems & Jewellery, Finance, Tourism — boasts of the highest per capita income of $3,800 in 2021-22,”
“At the moment, 89 large projects are under active implementation with a total investment of Rs 2.2 Lakh Crore (USD 27.54 billion) with potential to create employment for 20,000 people,” he added.
Being the Champion State in “Ease of Doing Business,” and with availability of large industrial land banks, 530 industrial estates, 293 industrial parks, 31 MSME parks, 6 special economic zones (SEZs), 3 information technology SEZs, and 3 major industrial corridors, Andhra Pradesh is a competitive investment destination on India’s east coast.
Highlighting the State’s rich history of economic and industrial development across multiple sectors that continuously contributed to the growth of India’s economy, Buggana Rajendranath Reddy, AP Minister, Finance & Planning, Commercial Taxes, Legislative Affairs, Skill Development & Training, said that the state is taking big strides as evident from its economic growth that recorded GSDP growth rate of 11.43% — the highest among all states in FY22 — and in the last three years, the state’s exports have increased at a CAGR of 9.3%.
“The past few years have witnessed the Andhra Pradesh Government undertaking several path-breaking reforms and initiatives to strengthen governance, improve business environment, promote policy stability, drive competitiveness and enhance transparency towards boosting the investment climate,” he said.
The government is also inviting businesses to set up shop in its vibrant city of Visakhapatnam – which ranks among India’s top 5 cleanest cities, as per the recent Swachh Bharat Rankings.
Describing Visakhapatnam as the environmentally-resilient “City of Destiny,” Audimulapu Suresh, AP Minister for Municipal Administration & Urban Development, said that this city is the State’s biggest urban agglomeration with its 85-kms coastline and is a growing port city with 20 million residents, 5.8 million households, and 681.92 square km of land, besides an international airport coming up soon.
“The vibrant coastal city is cosmopolitan in nature and a hub for industrial, educational, and tourist activities attracting investments from Public and Private Companies that include Oil Refinery, Zinc, Fertilizers, Steel, Dredging, Heavy Engineering, Ship Building and Power Generation. Large-scale industries,” he said, while showcasing Andhra Pradesh’s rich natural resources, large investments in infrastructure, land bank, and intensive reforms in rules and regulations during the investors meeting in Mumbai.
Assuring to handhold potential investors and facilitate the fastest turnaround time for investors, the AP Government minister and officials highlighted the present and upcoming infrastructure and the conducive policy environment of the state, besides its Agriculture, Agro-based industries, maritime sector, manufacturing, food processing, ports, IT and Electronics, handlooms, and textiles sectors.
“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,” one official said, adding that the state has embarked on a rapid growth path under the able leadership of its Chief Minister Y.S. Jagan Mohan Reddy, whose governance reforms and formulation of investor-friendly policies led to the state emerging on top in terms of ease of doing business (EoD) for three consecutive years.
Replying to questions, Dr Srijana, Gummala (IAS), Director of Industries, said14 sectors have been listed for investment and investors creating over 2,000 jobs could be assured of incentives. Smt. Sunitha, Principal Secretary, Handlooms & Textiles, replied to a query that textiles contributed to 2% of Andhra Pradesh’s GDP. The event witnessed participation of key government functionaries including Shri. Sridhar Lanka, Advisor to the Andhra Pradesh Government, Shri Robin Banerjee, Vice Chairman, CII Maharashtra State Council,- Shri M. Govinda Reddy, Chairman, APIIC, Smt. Bandi Nagendra Punyaseela, Chairperson, APIDC, Smt. Sunitha, Principal Secretary, Handlooms & Textiles, Shri Saurabh Gaur, Secretary, IT & Electronics and Skill Development,- Shri Shanmohan, CEO, AP Maritime Board, Smt. Srijana Gummalla, Director of Industries, Shri Sridhar Reddy, CEO, AP Food Processing Society, Bharat Kumar Coo – AP food processing society, and Industry leaders from Tamil Nadu.
