AP mulls showcasing investment potential

The roadshows are proposed to be held in the United States, South Korea, United Kingdom, Japan, Taiwan, New Zealand, Australia and other countries. Diplomats from embassies and high commissions are expected to attend

Visakhapatnam: Buoyed by its success in retaining numero uno status in Ease of Doing Business and getting approval from the Government of India for Bulk Drug Park at Kakinada with the promise of getting Rs 1,000 crore for infrastructure development after competing with 17 other States, the Andhra Pradesh government is contemplating holding a series of overseas roadshows to showcase its investment potential as a prelude to an international investors' summit in Visakhapatnam early next year.

A review meeting to this effect was held recently at Mangalagiri wherein Industries Minister Gudivada Amarnath said they will hold roadshows to highlight investment opportunities in power, information technology, port-led development, electronics, defence, aviation and skill development sectors.

"We are very excited over the proposed conference which will be held in association with Confederation of Indian Industry in February 2023, CII Vizag zone vice-Chairman PP Lal Krishna told Bizz Buzz on Tuesday. He said details on the conference will be finalised soon so as to make it a grand success.

Both the CII and the State government will set up various committees to oversee the arrangements. The roadshows are proposed to be held in the United States, South Korea, United Kingdom, Japan, Taiwan, New Zealand, Australia and other countries. Diplomats from embassies and high commissions are expected to attend.

During the erstwhile Telugu Desam government, Partnership Summits used to be held in the city to attract investments on a grand scale. However, after the YSR Congress Party formed the government, those summits were termed as publicity stunts with 'unrealistic' MoUs envisaging huge investments.

The AP State Investment Promotion Board, which recently met under the chairmanship of Chief Minister YS Jagan Mohan Reddy, cleared a proposed investment of Rs 1.26 lakh crore with a direct employment for 40,330 through various projects. The government claimed proposals with an investment of Rs 81,000 crore on green energy projects envisaging generation of 19,930 MW by December, 2029.

Government officials said that they had already commissioned projects worth Rs 46,280 crore during the past three years. Ten major industrial investments are in the pipeline. In addition to this, investments worth Rs 40,000 crore are being made by the Central Public Sector Enterprises.

A senior official of AP Economic Development Board said AP is the only State which will benefit due to execution of three industrial corridors viz. Visakhapatnam-Chennai Industrial Corridor, Chennai-Bangalore Industrial Corridor (CBIC) and Hyderabad-Bangalore Industrial Corridor.