Global Investors Summit: Andhra receives proposals worth Rs 13 lakh crore, says CM Jagan Mohan Reddy

We have received 340 investment proposals worth Rs 13 lakh crores, providing employment to 6 lakh people across 20 sectors! #AdvantageAP #APGlobalInvestorsSummit2023 #AndhraPradesh pic.twitter.com/FQBHVm20Sj

— YS Jagan Mohan Reddy (@ysjagan) March 3, 2023

State Finance Minister Buggana Rajendranath said the dream is not only to re-establish Andhra Pradesh as the industrial hub of India, but that of the world. Thousands of delegates and investors attended the inaugural session of the summit which began with a laser show and was followed by an audio-visual presentation on the crucial sectors that Andhra Pradesh has identified for investment opportunities.

The advantage that Andhra Pradesh is showcasing at the Global Investors Summit is its 974-km coastline – the second longest in the country, six existing ports and four more under construction, six operating airports. Out of the 11 industrial corridors in the country, the state has three.

Speaking at the summit, Mukesh Ambani said, “The growth of the blue economy will open up new opportunities for Andhra Pradesh. Andhra Pradesh has the second-largest coastline in India. It can prosper by harnessing renewable ocean energy, sea bed minerals, marine biotechnology and so on,” adding that Reliance will invest in a 10 GW solar renewable energy plant in Andhra Pradesh.

Chairman of Jindal Steel and Power Limited Naveen Jindal said, “We are pleased to share our positive experience of working in Andhra Pradesh since the past many years. We see it as a potential industrial hub in the future. Andhra Pradesh is renowned for its excellent infrastructure, large manufacturing base, talented youth and a very business-friendly environment. JSW will develop a state-of-the-art steel plant at Kadapa.”

“We are working on setting up a 3-million-tonne steel plant near Krishnapatnam by investing over Rs 10,000 crore and over 10,000 people will be getting employment here either directly or indirectly. Today we are also going to be signing an MOU for the same,” he added.

Preetha Reddy, Executive Vice-Chairperson of Apollo Hospitals, said that Andhra Pradesh’s initiative to set up state-of-the-art hospitals at all district headquarters under public-private partnership was commendable. “Andhra Pradesh has done so much to provide quality healthcare to a cross-section of people. It is indeed commendable. YSR Aarogyasri is a stellar example. In fact, several African countries have taken up their own initiatives like Aarogyasri,” she said.

On the IT industry, BVR Mohan Reddy, Founder and Chairman of Cyient, said that while infrastructure for IT development in Visakhapatnam is good, there was the question of availability of manpower. “A large number of IT engineers working in Hyderabad are from here. A large number of engineers working in the US are from here. So something has to be done,” he said. “Andhra Pradesh should look at innovation, incubation and entrepreneurship,” he added.

Dr Krishna Ella of Bharat Biotech said Andhra Pradesh offers several opportunities in the food processing and agriculture sector and pointed out that innovation comes from simple ideas.

The two-day meet is being hosted on the sprawling sports grounds of Andhra University where about 200 stalls have been set up, including over 30 showcasing the various advantages of investing in Andhra Pradesh.