Finance Minister Buggana Rajendranath has said Visakhapatnam would soon become an address for IT, Pharma and other industrial and manufacturing sectors due to its large array of existing facilities and manpower.
The minister invited industrialists from Tamil Nadu for the Global Investment Summit-2023 organised by the AP government in Visakhapatnam on March 3 and 4. He said, “AP is becoming the fastest-growing state in the country with a growth rate of 11.43 per cent.” In the run-up to the much-awaited summit, the state government held a roadshow in Chennai on Friday and explained to potential investors about AP’s strengths.
Rajendranath, said, 'We are leveraging our geographical advantage of being in proximity to the city of Chennai. Andhra Pradesh and Tamil Nadu have a very strong foundation with their diversified portfolios of economic activity and they can work together for sustainable growth.”
The minister said the sectors where both states can work hand-in-hand were agriculture, maritime, infrastructure, green energy, logistics, tourism, etc. “Tamil Nadu and AP can collaborate in traditional sectors such as automobile, textiles, chemicals & petrochemicals, engineering. We have a strong maritime infrastructure, renewable energy, social infrastructure such as education and health; as well as focus on modern sectors such as IT, Global Capability Centers, Data Centers, Emerging Technologies, Defence and Electric Vehicles.”
He added, “Andhra Pradesh has a 48,352-acre of land bank for industrial development. In the last 3.5 years, the state has approved investments of Rs 1.9 lakh crore with a vision to create employment for around 90,000 people. The state is also spending a significant amount of its budget on developing air connectivity in the state, with a Greenfield international airport coming up at Bhogapuram near Visakhapatnam at a cost of Rs 2,500 crore.”
He said four new ports at Ramayapatnam, Machilipatnam, Bhavanapadu and Kakinada were under construction. “The state also intends to develop Inland Waterways, which will reduce the cost of logistics for moving cargo within and outside the state. As many as 27 locations have been identified for terminals. The waterways will have the potential to handle 10MT of cargo by 2029.”
The minister added that Andhra Pradesh was in the process of developing three national industrial corridors, the only state to do so. It has won the sanction to build a Bulk-Drug Park -- the only one in south India -- with a financial assistance of Rs 1,000 crore.
Key functionaries from various departments, ministries, and state government institutions had an open interaction with the investing community in Chennai on Friday. They promised to handhold potential investors and facilitate the fastest turnaround time.
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