Delegates and ambassadors shower Andhra with praise at Global Investors Summit 2023 in Vizag

Day two of the Global Investors Summit 2023, happening in Vizag, witnessed an influx of investment commitments as industry leaders and government officials united to promote the state’s investor-friendly atmosphere. With 248 Memorandums of Understanding (MoUs) signed for investments worth Rs 1.15 trillion, the summit has showcased the state’s strong industrial base, robust presence of MSMEs and Startups, and aspirational leadership in the renewable energy sector. Union ministers and industry leaders are committed to investing in infrastructure, energy, IT, tourism, pharma, and manufacturing industries, making Andhra Pradesh a highly sought-after destination for global investors.

Sarbananda Sonowal, Union Minister of Ports, Shipping & Waterways and AYUSH, Government of India, praised Andhra Pradesh’s infrastructure development efforts during the ongoing Global Investors Summit 2023 in Vizag. He highlighted the central government’s continued support for infrastructure projects in Andhra Pradesh, including 110 projects worth INR 1.1 lakh crores under the PM’s Sagar Mala initiative, of which 35 projects worth INR 32,000 crores. Additionally, the government has sanctioned five fishing harbour projects worth INR 1,500 crores to uplift the fishing community.

G. Kishan Reddy, Union Minister of Culture, Tourism, and Development of the North-eastern Region, Government of India, highlighted the potential of Andhra Pradesh’s competitive sectors during the Global Investors Summit 2023. He emphasized the state’s competitive advantage in marine products, shrimps, drugs and pharmaceuticals, electronics, petroleum, and engineering goods. Shri Reddy also mentioned the increased railway budget allocation for Andhra Pradesh, which has increased 9 times from INR 886 crores in 2014 to INR 8,406 crores, with plans to build 72 world-class railway stations in the state. Andhra Pradesh is India’s only state with three industrial corridors, presenting opportunities for state and central governments to work together towards new heights.

Gudivada Amarnath, Minister of Industries, Infrastructure, Investment & Commerce, Information Technology and Handlooms & Textiles, Government of Andhra Pradesh, emphasised the diverse investment opportunities available in the state, drawing the interest of global companies from North America, Europe, Asia, Australia, and Africa. The vibrant MSME sector, supported by the government, is crucial to the state’s economic growth and employment.

Satish Reddy, Chairman of Dr Reddy’s Laboratories, has commended Andhra Pradesh’s traditional strength in pharmaceuticals, emphasizing the need for innovation to move from volume to value. He also praised the state government’s moral regulatory framework. He lauded the Arogya Shri program started by the late YSR Reddy Garu, which has improved medical infrastructure and expressed hope that the programs initiated by CM YS Jagan Mohan Reddy can transform the remaining healthcare sector and set an example for the entire country.

Hon’ble Minister expressed the desire to develop AP as India’s economic power engine under the leadership of Shri YS Jagan Mohan Reddy Garu. The Chief Secretary of AP highlighted fast-track institutional mechanisms for industry approvals and a single window for 96 services of 24 government departments. Satyanarayana Chava, Founder & CEO of Laurus Labs, praised AP’s ecosystem, proactive government, and bureaucracy and expressed optimism for the state’s future in the pharmaceutical industry. Dr Vamsi Krishna Bandi, Managing Director of Hetero Group of Companies, announced plans to invest about 1000 CRs in AP over the next two years.

Sergio Lee, Director & Group Head of India Operations at Apache & Hilltop Group, announced a $100Mn investment in Tirupati that could generate 10,000 jobs. Suchitra K. Ella of CII Southern Region offered to work with the state government to improve social indicators, particularly in increasing the participation of women in STEM fields.

Santhanam B, CEO of Saint Gobain Asia-Pacific & India, praised AP’s credibility and expressed his desire to see 100% renewable energy powering their factories. Vineet Mittal, Chairman of Avaada Group, highlighted the potential benefits of renewable energy investment in Andhra Pradesh, given its abundant sun and wind resources and the state’s identification of sites for pumped hydro.

CII Southern Region Chairperson offered to improve social indicators with the state government. Saint Gobain CEO noted AP’s credibility and potential for 100% renewable energy. Avaada Group Chairman highlighted AP’s potential for renewable energy investment. Nova Air CEO expressed commitment to investing in AP. MOUs worth INR 1.15 trillion were signed at the AP Global Investors’ Summit 2023, with INR 8.84 committed to the energy sector. Other speakers at the summit included Infosys Chairman Nandan Nilekani, Novartis CEO Vasant Narasimhan, and venture capitalists and business leaders.

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