Finance Minister Buggana Rajendranath Reddy has called upon prospective entrepreneurs from Tamil Nadu to explore the investment opportunities in Andhra Pradesh by emphasising on the existence of three industrial corridors, a 974-km-long coastline dotted by a string of ports and fishing harbours, and abundant natural resources, and on the State’s consistent No.1 rank in Ease-of-Doing Business (EoDB).
Speaking at a roadshow organised by the Government of Andhra Pradesh in Chennai on February 17 (Friday) as a prelude to the Global Investors’ Summit scheduled to be held in Visakhapatnam early next month, Mr. Rajendranath Reddy said the Bhogapuram international airport, costing an estimated ₹2,500 crore, was poised to make a rapid progress having overcome a slew of legal hurdles related to land acquisition.
Multi-modal logistics parks
He said top priority was attached to the development of multi-modal logistics parks in Anantapur, Visakhapatnam, Kopparthy, Kakinada and Vijayawada.
Mr. Rajendranath Reddy said there was tremendous scope for investments in the aerospace and defence sectors, and in food parks coming up across the State. Besides, petrochemicals, pharmaceutical and renewable energy sectors were beckoning investments.
Further, he told the gathering that due focus was laid on skill development keeping in view the requirements of industries.
Ambitious target
The Minister went on to say that the Government of Andhra Pradesh aimed at providing a conducive environment for businesses to thrive, and moving from EoDB to “lowest cost of doing business.”
Andhra Pradesh was making big strides and had the highest GSDP growth rate of 11.43% among all States in financial year 2022-23, he said, and asserted that its next wave of growth would be driven by mega infrastructure projects.
As part of the focus on infrastructure, an industrial water supply grid was being created, he added.
Special Chief Secretary (Industries, infrastructure and Investments) R. Karikal Valaven; Principal Secretary K. Sunitha (Handlooms and Textiles); Special Secretary (IT and Electronics) B. Sundar; A.P. Maritime Board CEO S. Shan Mohan; Director of Industries G. Srijana; and A.P. Food Processing Society CEO Sridhar Reddy were among others present.
