Andhra Pradesh Partnership Summit Secures Over Rs 13 Lakh Crore in Investment Pledges and Job Creation

During the 30th CII Partnership Summit, Andhra Pradesh Chief Minister N Chandrababu Naidu announced that investment commitments worth over Rs 13 lakh crore were made. These investments are anticipated to generate more than 16 lakh jobs. Naidu shared these details at a press conference summarising the summit's outcomes, highlighting the signing of nearly 640 MoUs.

The energy sector emerged as a major attraction, securing investment pledges exceeding Rs 5.3 lakh crore. The industries sector followed with Rs 2.8 lakh crore, while infrastructure commitments reached Rs 2 lakh crore. Naidu emphasised the government's commitment to fully realising these investment promises.

Investment Goals and Strategies

Naidu set ambitious targets for the state, aiming for USD 500 billion in investments over five years and USD 1 trillion in ten years. He stated that Andhra Pradesh is transitioning from ease of doing business to speed of doing business, boosting investor confidence. The Singapore government has offered to share its best practices to aid this transition.

The summit also focused on knowledge sharing through brainstorming sessions and discussions. Naidu accused the previous YSRCP government of causing companies to shut down but assured that his administration is providing escrow account facilities with sovereign guarantees to restore confidence among investors.

Technological Advancements and Future Plans

Looking ahead, Andhra Pradesh is concentrating on high-end technology sectors such as deep technology, quantum computing, and Artificial Intelligence. This focus aims to counterbalance potential job losses in the IT sector by opening up all sectors for investment opportunities.

IT Minister Nara Lokesh mentioned that the government will revisit past investment pledges, regardless of whether they were made under the NDA alliance or another regime. This approach underscores the continuous nature of investment efforts in the state.

Visakhapatnam Steel Plant Assurance

Naidu reassured that the Visakhapatnam Steel Plant will not be privatised. He highlighted that Rs 12,000 crore had been infused into it and mentioned converting Rs 2,000 crore worth of power bills into equity. Additionally, he promised quarterly performance reviews for the plant.

The chief minister noted that meticulous planning and follow-up are being conducted by the government. Investors are drawn to Andhra Pradesh due to minimal interference, and inauguration dates are set after signing Memorandums of Understanding.

With inputs from PTI