Andhra Pradesh Chief Minister K. Rosaiah on Sunday said the Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) proposed between Visakhapatnam and Kakinada would not only bring huge investments but also provide employment opportunities to 12 lakh people.

He was speaking after laying the foundation for the Rs.2,400-crore ferroalloys and 150x2 MW power project at AP Special Economic Zone (APSEZ) and distributing bank linkage of Rs.120 crore to Self-Help Groups (SHGs) at Achyutapuram, about 50 km from here.

State’s distinction

The Chief Minister said Andhra Pradesh, which was the first State to get the Centre’s approval for setting up PCPIR, had created a conducive atmosphere for massive investments. He said the project would attract investments to the tune of Rs.1.63 lakh crore as per preliminary estimates. It would generate direct jobs for five lakh and indirect employment for seven lakh persons over next few years.

Admitting that the projects conceived under PCPIR were materialising slowly, he said to make the region successful, all have to work with commitment as per a timetable. He said during the past 10 years, many projects were proposed in the State and due to pressure brought by his predecessor, sanction was obtained for several mega projects.

Industrial hub

Stating that Visakhapatnam was on fast-track mode of development in the State after Hyderabad, he said it had emerged as an industrial hub. Citing a study, he said Visakhapatnam was poised to become a world-class city by 2020. On Brandix Apparel Park set up in the APSEZ, he said the Sri Lankan multinational would generate employment for 60,000 people. He said pro-active policies pursued by the State government had made the State a favourable destination for investors. On Indira Kranti Pathakam, he said 9.33 lakh women’s groups with 1.07 crore members could save Rs. 2,661 crore and described it as a revolution of a different kind.