Andhra Pradesh looks to attract domestic and global investment across a dozen sectors, aims for a 10% share in India’s exports soon
Bengaluru, February 2023: The state of Andhra Pradesh showcased its rich natural resources, large investments in infrastructure, land bank, and intensive reforms in rules and regulations at successful investors meeting held today in Bengaluru. These efforts, taken together, position Andhra Pradesh as the state where abundance meets prosperity. The event is one of many such meets being organised in the run-up to the Global Investors Summit on March 3rd-4th 2023 in Visakhapatnam.
Speaking on the occasion Shri Gudivada Amarnath, Honorable Minister for Industries, Infrastructure, Investment & Commerce, IT, Handlooms & Textiles highlighted the state’s export potential. The honorable minister said, “According to LEADS Report 2022, the state’s exports increased by 15.31% from the previous year in 2021–2022, classifying it as “Achievers” in the Coastal States. With the completion of new ports and also further development of infrastructure for the last-mile connectivity, the state’s share in exports can reach up to 10% of India’s total exports.”
Addressing the investors Shri. Buggana Rajendranath Honorable Minister for Finance, Planning, Commercial Taxes, Skill Development, Training & Legislative Affairs assured the investors of the fast-paced implementation of projects in the state. “We strongly believe reducing the time to start a business will have a significant impact on the manufacturer’s profitability. The state is building numerous plug-and-play facilities which will have ready-built factory sheds with quality power and water supply and help speed up setting up of manufacturing units,” said the honorable minister.
Shri. Amarnath also added that in the last 3.5 years, the state has approved investments to the tune of Rs.1.9 lakh Crore. “That would go on to create employment for around 90,000 people in the state in the future,” he said.
Key functionaries from various departments, ministries, and state government institutions had an open interaction with the investing community in Bengaluru today. Promising to handhold potential investors and facilitate the fastest turnaround time the presentations showcased the present and upcoming infrastructure and the conducive policy environment of the state.
Manufacturing, food processing, ports, IT and Electronics, handlooms, and textiles sectors attracted significant interest at the event. Andhra Pradesh is India’s gateway to the southeast with its 974 km long coastline, the second longest in the country, 6 existing ports, and 4 upcoming ports. However, it has also emerged as the fastest-growing state in India, as per the number released so far, with double-digit growth of 11.43% in 2021-22. The state has embarked on a rapid growth path under the able leadership of Sri Y.S. Jagan Mohan Reddy, Honourable Chief Minister. Thanks to the governance reforms and formulation of investor-friendly policies by the government, the state has emerged on top in terms of ease of doing business (EoD) for three consecutive years.
Consistent improvement in the governance framework to create hassle-free investing is augmented by hard infrastructure as three of the country’s eleven industrial corridors are being built in Andhra Pradesh alone. The improvements have been duly recognized and the state has received various awards over the last year alone. To name a few the LEADS award for logistics 2022, the Inertia Award for Energy 2022, the ET award for port-led, and the infrastructure project 2022.
The event was also graced by the key functionaries of state government including Dr. Srijana Gummalla, IAS, Director of Industries, Commerce & Export Promotion Vice Chairperson & Managing Director AP Industrial Infrastructure Corporation CEO, AP Economic Development Board, Sri. L Sridhar Reddy, CEO, AP Food Processing Society; Sri. Ravindranath Reddy, Deputy CEO, AP Maritime Board; Smt. K. Sunitha, IAS, Principal Secretary, Handlooms & Textiles Government of Andhra Pradesh.