The Industries Department is in a buoyant mood with the Asian Development Bank (ADB) coming forward to help it in establishing five industrial zones involving a total outlay of $ 2.5 billion in the Visakhapatnam-Chennai corridor. Anantapur, Kakinada, Machilipatnam, Visakhapatnam and Yerpedu-Srikalahasti are the zones that the government has identified for harnessing their potential for industrial development, according to Governor E.S.L. Narasimhan.
“Efforts to garner investments from various Asian and European countries are yielding the desired results,” Mr. Narasimhan stated in his Republic Day address here on Monday.
During the last seven months, Mr. Narasimhan said, focus was on attracting investments in the industrial sector and 13 mega companies offered to make investments totalling nearly Rs. 13,000 crore.
MoU
The slew of Memorandums of Understanding (MoU) that the government had signed during the period would fetch investments amounting to Rs. 80,000 crore. Works related to mega food park in Chittoor district, an aqua food park near Bhimavaram and the mega weavers’ cluster at Guntur were in different stages, he said.
Mr. Narasimhan further stated that the A.P. government was actively engaged with the governments and companies (including those in the public sector) of Australia, Japan and Singapore for inviting investments and technology transfer. A significant headway had been made in the creation of infrastructure for building basic amenities in the capital city, modernisation of agriculture, promotion of food processing and getting investments flowing in from Japan.
Electricity generation was one area where the government’s efforts bore fruit. The State registered an impressive growth rate of 6.94 per cent in the first two quarters of 2014-15 and the endeavour was to sustain the momentum with the basic objective of improving the living standards, he said.
The Industries Department is in a buoyant mood with the Asian Development Bank (ADB) coming forward to help it in the establishment of five industrial zones with a total outlay of $ 2.5 billion in the Visakhapatnam-Chennai corridor.
Anantapur, Kakinada, Machilipatnam, Visakhapatnam and Yerpedu-Srikalahasti are the zones that the government has identified for harnessing their potential for industrial development, according to Governor E.S.L. Narasimhan.
‘The exercise will involve a total outlay of $2.5 billion in the Visakhapatnam-Chennai corridor’
