'Brand AP' promotion at Davos concludes on a positive note

Vijayawada/Visakhapatnam

Buoyed by encouraging response to showcasing of Andhra Pradesh as an investment destination at the 52nd annual meeting of World Economic Forum (WEF) at Davos,, Chief Minister Y.S. Jagan Mohan Reddy has directed the officials concerned to ensure the MoUs are implemented in a time-bound manner.

Besides signing MoUs envisaging an investment of Rs.1.25 lakh crore mostly in clean energy, Reddy who led a high-power delegation to Davos also tried hard to promote AP as a pioneering State in decarbonised economy.

"The response at the summit was overwhelming with good footfall at AP Pavilion. We will sustain the momentum in future also," a senior official told Bizz Buzz on Friday. Industries Minister Gudivada Amarnath and Finance Minister Bugganna Rajendranath were also part of the delegation.

AP Government signed MoUs with big ticket companies besides discussing investment opportunities in various sectors. Adani, Greenko and Aurobindo have signed MoUs with the State for an investment of Rs 1.25 lakh crore related to green energy, which is needed to make the State a hub for industrialisation 4.0. A total of 27,700 MW of clean energy will be available in the State, as per the proposals. ArcelorMittal, the world-renowned company, has announced that it will be investing in green energy along with Greenko and added it is doubling its investment in AP for the first time.

The announcement was made by company CEO Aditya Mittal in the presence of the Chief Minister. The ArcelorMittal Group, which specialises in steel, energy, construction, mining, transportation and packaging, has annual revenue of $ 76.571 billion. The Chief Minister also focused on new generation fuels, ammonia and hydrogen products during the summit.

An official of Chief Minister's Office said the State Government has signed an MoU with Ace Urban Developers for setting up a decarbonized manufacturing unit at Machilipatnam to help utilise green energy and also to produce products with advanced technologies.

The State has inked a pact with WEF to support industries through advanced manufacturing to reduce pollution, promote environmental balance, utilise green energy, enhance quality and assist industries to achieve world-class products by emphasising technology. With this pact, the State will be better connected with the various programs and projects run by the WEF, the official remarked.

Another focus area at the summit was to project a plan to develop Visakhapatnam as a technology hub and augment the existing ecosystem on the lines of Silicon Valley to encourage unicorn startups.

The Chief Minister also held talks to attract investments in portled development by meeting top officials from Dassault Systems and Mitsui OSK Lines. Details were explained in the Export Promotion Policy unveiled recently. Mitsui OSK Lines President Takeshi Hashimoto declared that they discussed opportunities in shipping and logistics.