Ahead of the Global Investors Summit, which is scheduled to take place in Visakhapatnam on March 3 and 4, Finance Minister of Andhra Pradesh Buggana Rajendranath Reddy and Minister of Industries Gudivada Amarnath held an interactive session with investors in Hyderabad on Friday.
The dignitaries said that for the Global Investors Summit 2023, Andhra Pradesh was set to showcase its exceptional infrastructure, large manufacturing base, and a pool of young and skilled population, besides offering a business-friendly environment. Several roadshows and events were planned in metro cities such as Mumbai, Bengaluru and Chennai in order to attract investors to the two-day summit.
Speaking at the event, Mr Gudivada Amarnath said they had a very positive response so far in New Delhi, Mumbai, Bengaluru and Chennai. “I believe that such industry meets can enhance collaboration and synergy throughout the nation’s business community. Hyderabad is where North India meets South India, biology meets technology and life sciences marries data sciences,” he said, recalling his time spent in the city here.
The Minister also pointed out similarities between Hyderabad and Visakhapatnam, stating Visakhapatnam had always been a strong industrial hub with its PSU base, port-led infrastructure and sector strengths, especially in IT, pharmaceuticals, medical equipment, textiles, steel, heavy industry and Defence.
He stated that the government would shortly introduce a forward-looking industrial policy in a new avatar with emphasis on driving economic growth across key focus sectors, promoting port-led industrial development, end-to-end Investor facilitation skilling and employment generation, promoting entrepreneurship and startup culture, and inclusive and balanced regional development. “We would provide a one-stop digital platform for all domestic and foreign investments through our Andhra Pradesh Single Desk Portal. The business-specific approvals for setting up business are granted within a maximum time frame of 21 days,” he added.
Minister Rajendranath Reddy, who is also a driving force at the roadshows across the country, said that the State was spending a significant amount of its budget on developing air connectivity, with a greenfield international airport coming up at Bhogapuram near Visakhapatnam at a cost of ₹2,500 crore (USD 300 million). “Andhra Pradesh has 888 km of national waterway. We intend to develop inland waterways, which will reduce the cost of logistics for moving cargo within and outside the State while 27 locations have been identified as prioritised terminals. The waterways will have the potential to handle 10 MT by 2029, which will reduce the cost of logistics and push exports for the State,” he said.
It was mentioned by the dignitaries that Andhra Pradesh was India’s gateway to the southeast with its 974-km-long coastline, the second longest in the country, six existing ports and four more coming up.
The event was also graced by key functionaries of the State government, including C. Sekhar Reddy, Vice-Chairman of CII Telangana State Council and Chairman & Managing Director, CSR Estates Ltd, Dr. Srijana Gummalla, Director of Industries, Commerce & Export Promotion Vice Chairperson & Managing Director AP Industrial Infrastructure Corporation CEO, AP Economic Development Board, Bharat Thota, COO of AP Food Processing Society, Sagil Shanmohan, CEO of AP Maritime Board Government of Andhra Pradesh, Saurabh Gaur, Secretary to Govt IT, Electronics & Communications Government of Andhra Pradesh, K Sunitha, Principal Secretary, Handlooms & Textiles, Government of Andhra Pradesh, K Vijayanand, Special Chief Secretary, Energy, Government of Andhra Pradesh, Ravichandra Reddy, Chairman, APTPC, and Bandi Nagendra Punyaseela, Chairperson, APIDC.
