Stating that Andhra Pradesh has abundant natural resources and a tremendous talent pool, chief minister Y S Jagan Mohan Reddy on Friday said that the state has the best industrial-friendly climate with a simplified investment platform.
Delivering the inaugural address at the Global Investors Summit-2023 at the Andhra University engineering college grounds, CM Jagan Reddy said Andhra Pradesh was the gateway to the south-east with its 974 km long coastline, the second longest in the country, with six existing ports, and four upcoming ports.
“The state has a robust infrastructure with six airports and three industrial corridors passing through it. Its strategic location, skilled youth and proactive government with policy framework are its advantages for any investor,” he said.
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The CM pointed out that the state has also emerged as the fastest-growing state in India, with a double-digit growth rate of 11.43% in gross state domestic product in 2021-22.
GIS is taking place at a time when India is playing a key role as the leader of G-20 nations, the CM said, adding the timing had thrown up great opportunities for India in terms of attracting global investment and technology. “Andhra Pradesh, too, is prepared to be at the forefront of emerging growth opportunities,” he said.
The chief minister said the growth of Andhra Pradesh was based on four pillars– promotion of green energy, industrial and logistics infrastructure, digitalisation and skilled and enterprising manpower.
He said Andhra Pradesh was blessed with a large renewable energy potential of 82.5 GW. “It is one of the very few states in India that has combined potential for solar, wind and pumped storage. We have also identified and set aside dedicated land parcels for wind, solar and pumped storage projects,” he asserted.
He said the state had a conducive ecosystem for industrial growth. The government had repealed obsolete laws and established a one-stop digital platform for giving approvals to domestic and international investors within 21 days.
“We urge all business leaders to participate and engage and explore the potential of various sectors in Andhra Pradesh and we are just a phone call away to address all your needs,” he added.
The chief minister also declared that the beautiful city of Visakhapatnam with a serene climate and picturesque landscapes would soon become the executive capital of Andhra Pradesh. “I will also be shifting myself to this city in the days to come,” he said.
Industry bigwigs, such as Reliance Industries chairman Mukesh Ambani, chairman of Adani Ports and SEZ Ltd Karan Adani, chairman of Jindal Steel and Power Limited Naveen Jindal, including other industrialists and businessperson also attended the summit.
Ambani said the growth of the blue economy would open up new opportunities for Andhra Pradesh. With the longest coastline, the state had immense potential to prosper by harnessing renewable ocean energy, sea bed minerals and marine biotechnology.
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He explained how the Reliance Group had been part of Andhra Pradesh’s growth story by investing in gas exploration in the Krishna-Godavari basin, which resulted in the company catering to 30% of gas needs of the country.
Ambani announced that his group would be signing a memorandum of understanding with the AP government to set up a 10 GW solar renewable energy plant in the state.
Adani Ports chairperson Karan Adani explained how his group was playing a key role in the development of port infrastructure in the state.
Naveen Jindal announced the JSW would develop a state-of-the-art steel plant at Kadapa. “We are also working on setting up a 3-million-tonne steel plant near Krishnapatnam by investing over ₹10,000 crore and over 10,000 people will be getting employment here either directly or indirectly,” he said.
Executive Vice-Chairperson of Apollo Hospitals Preetha Reddy, Shree Cements chairman Hari Mohan Bangur, GMR group chairman G M Rao, Dalmia group MD Puneet Dalmia, Bharat Biotech executive chairman Krishna M Ella, Oberoi group chairman Arjun Oberoi and others explained about their interests in the state.
