State ideal investment destination: Minister

Goutham Reddy takes part in global summit

Published - November 12, 2019 09:34 am IST - VIJAYAWADA

Mekapati Goutham Reddy

Mekapati Goutham Reddy

Minister for Industries and Commerce and Information Technology Mekapati Goutham Reddy has said the Andhra Pradesh government will roll out the red carpet for those investing in the State where natural resources and opportunities are abundant. The State has massive petroleum and natural gas reserves and its vast coastline is a boon, according to the Minister.

The Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) between Visakhapatnam and Kakinada and Visakhapatnam-Chennai Industrial Corridor (VCIC) have tremendous potential, he has stated exhorting entrepreneurs to consider it their investment destination.

He has also invited Union Minister of Chemicals and Fertilizers Sadananda Gowda to visit the State to see for himself the evolving industrial scenario.

Addressing the international summit on global chemicals and petrochemicals manufacturing hubs in India jointly organised by the Departments of Chemicals and Petrochemicals of Government of India and the Federation of Indian Chambers of Commerce and Industry in Mumbai on Monday, Mr. Goutham Reddy said a high-level consultation jointly held by Minister of Petroleum and Natural Gas Dharmendra Pradhan and A.P. Chief Minister Y.S. Jagan Mohan Reddy in Vijayawada with the CMDs of IOCL, HPCL and BPCL on investment prospects augurs well for the State.

New industrial policy

Those public sector giants promised to invest ₹2 lakh crore in A.P. in the next five years.

The State government was working on a new industrial policy with focus on faster clearances and transparency and accountability in land allotments.

It has been the State’s endeavour to increase its share in the national GDP, the Minister said.

Andhra Pradesh Government Principal Secretary (Industries, Infrastructure and Investments) Rajat Bhargava gave a presentation on the policy framework and facilities available in the State.

Later, Mr. Goutham Reddy had an interaction with Odisha Minister for Energy, Industries and Micro, Small and Medium Enterprises Dibya Shankar Mishra on investment avenues in A.P.

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