AP lists 12 key sectors for investment push
CM YS Jagan Mohan Reddy is keen to promote Green energy, aerospace and defence, agri, food processing, automobile and EV, electronics, IT, startups port-led development, infra, MSMEs, petroleum, pharma sectors
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Visakhapatnam: The Andhra Pradesh government has identified 14 key sectors to attract investments which include green energy, aerospace and defence, agriculture and food processing, automobile and EV, electronics, IT, startups and innovation, port-led development, logistics and infra, MSMEs, startup and innovation, petroleum and petrochemicals, pharma and life sciences.
AP is being projected as the eighth largest State with a long usable coastline of 974-km coastline, a double digit growth of 11.43 per cent overtaking the national growth rate, 70% of working age group, abundant availability of skilled manpower, a GSDP of $90.31 billion in 2021-22, 25 per cent of IT professionals in the United States and other countries from Telugu community and availability of six operational airports and construction of Greenfield international airport at Bhogapuram near here.
Visakhapatnam, the host city for ‘Global Investors Summit-2023’ scheduled on March 3-4, is projected as a vibrant city being the State's industrial, IT, pharma and tourism hub. The city with two million plus population and located strategically accounting for India's largest export of frozen seafood mainly aquaculture with the exports accounting for over Rs9,000 crore, is also proposed to be made the executive capital.
“Availability of natural resources, pro-active policies and tailor made incentives from case to case basis are being offered depending on their resolve to implement projects and create job opportunities to locals," Finance Minister Buggana Rajendranath told Bizz Buzz on Thursday. He said there is a stable government with visionary leadership under Chief Minister YS Jagan Mohan Reddy. Hassle-free clearances offered by the government is another reason for industrialists evincing interest to invest in AP, he pointed out. Land, power, water and other basic requirements in addition to a large land bank of 48,000 acres are the main attractions for creation of an investor-friendly environment in AP. Minister for Municipal Administration and Special Chief Secretary, Industries R. KarikalValavan and others took part in making arrangements for the GIS.
