AP CM Naidu opens doors to Rs 3,683-cr industrial projects at Sri City

Biz at what pace

• Naidu calls for reducing product and logistics costs
• Lays foundation for 7 new projects worth Rs 900 cr
• 5 companies sign MoUs worth Rs 1,213 cr
• Daikin to invest Rs 1,000 cr in AP’s phase-2 project

Sri City (Tirupati dist): Andhra Pradesh Chief Minister N Chandrababu Naidu on Monday lauded the success story of the Sri City project and declared that the industrial climate is being improved in the State through a series of investment-friendly measures.

He appealed to industrialists to focus on reducing product and logistics costs. Stating that Andhra Pradesh is more logistically cost-effective with better connectivity, he invited industrialists to invest in AP and make Sri City as the best economic zone and best infrastructure zone.

The Chief Minister inaugurated 15 industrial projects with a total investment of Rs 1,570 crore, with the potential to create 8,480 jobs. He also laid the foundation for seven new projects worth Rs 900 crore with a potential of 2,740 jobs. Additionally, five companies signed MoUs during his visit promising an investment of Rs 1,213 crore and the creation of 4,060 jobs. Daikin is one among them promising to invest Rs 1,000 crore on its phase-2 project.

Naidu in his address at the CEOs roundtable meeting expressed satisfaction with the remarkable progress Sri City has made since its inception, hosting over 200 companies from 30 countries on a single premises, stressing the need for product perfectness to meet global competition. He said that the NDA government aims at achieving zero poverty and industries play a key role in creating wealth and to uplift the economy. He said now the state government has been focusing on hybrid solar and wind power generation.

The CEOs at the roundtable conference earlier congratulated him on his resounding victory in the elections and conveyed their enthusiasm for his new term, expressing confidence in the implementation of industry-friendly policies under his leadership. In response, the Chief Minister remarked, "It's always a pleasure to interact with CEOs who play a crucial role in job creation and economic growth. By driving industrial success, they contribute to the economy, helping government-run welfare schemes, and contribute to the overall development of the state."

Stating that Andhra Pradesh has always been at the forefront of industrial development, the Chief Minister said: "With our strategic location, skilled workforce, and proactive governance, Andhra Pradesh is the ideal destination for industries. Since 2015, we've been ranked number one in ease of doing business, but it's time now to focus on the 'speed of doing business' to truly elevate our industrial landscape."

Naidu acknowledging past challenges, noted that the previous administration had neglected investments and left behind significant issues such as pending industrial incentives, infrastructure gaps, and irrational policies that hindered growth. He assured the industry stakeholders that his government will address all their issues, rationalise taxes, and create a new industry-friendly policy. “Let us work together to bring down the cost of production, and create an integrated logistics and infrastructure network to make Andhra Pradesh a global industrial hub” he said.

He emphasised that AP aims to become a leader in product-perfect manufacturing, ensuring zero poverty, and promoting Telugu entrepreneurs globally. He asked the industry stakeholders to participate in achieving this goal.