Andhra Pradesh organises Chennai Industry Meet as part of Its Global Investor Meet 2023
- Andhra Pradesh and Tamil Nadu have a shared legacy, can work closely for sustainable economic growth: Shri Rajendranath, Minister for Finance, Andhra Pradesh.
- Andhra Pradesh’s next wave of growth will be driven by mega infrastructure projects: Andhra Pradesh Government
- Andhra Pradesh‘s successful Investors Meet in Chennai, held ahead of its Global Investors Summit 2023 offers to improve logistics performance by developing five Multi Modal Logistics Parks as well as ready-built infrastructure to shorten the time required to set up new facilities.
Chennai, 17th February 2023: The State of Andhra Pradesh and Tamil Nadu have a very strong foundation with their diversified portfolio of economic activity and can grow together for sustainable growth said the Honourable Minister for Finance, Planning, Commercial Taxes, Skill Development, Training, Legislative Affairs, Government of Andhra Pradesh, Shri. Buggana Rajendranath, at the very successful Investors’ Meet at Chennai today.
“We are leveraging our geographical advantage of being in proximity to the city of Chennai. It is one of the top industrialized states in the country and has been at the forefront of industrial development for the past few decades, said Shri. Rajendranath, addressing Tamil Nadu as ‘a Sibling State’.
The Honourable minister also pointed out that there are various sectors where both the states can work hand-in-hand like agriculture, maritime, infrastructure, green energy, logistics, tourism, etc. “Tamil Nadu is one of the top industrialized states in the country and has been at the forefront of industrial development for the past few decades due to strategic advantage that they had. We can collaborate in traditional sectors such as automobile, textiles, chemicals & petrochemicals, engineering; strong maritime infrastructure; renewable energy; social infrastructure such as education and health; as well as focus on modern forward-looking sectors such as IT, Global Capability Centers, Data Centers, Emerging Technologies, Defence and Electric Vehicles,” he said.
The state of Andhra Pradesh is showcasing its rich natural resources, large investments in infrastructure, land bank, and intensive reforms in rules and regulations at a successful investors meeting in Chennai. These efforts, taken together, position Andhra Pradesh as the state where abundance meets prosperity. The event is one of many such meets being organised in the run-up to the Global Investors Summit on March 3 rd -4 th 2023 in Visakhapatnam.
He also added that in the last 3.5 years, the state has approved investments to the tune of Rs.1.9 lakh Crore. “That would go on to create employment for around 90,000 people in the state in the future,” he said.
The state is also spending significant amount of its budget on developing air connectivity in the state, with a Greenfield international airport coming up at Bhogapuram near Visakhapatnam at a cost of Rs. 2,500 Crores (USD 300 Million). The four new ports at Ramayapatnam, Machilipatnam, Bhavanapadu and Kakinada are being built. The state also intends to develop Inland Waterways, which will reduce cost of logistics for moving cargo within and outside the state. 27 locations have been identified as prioritized terminals. The waterways will have potential to handle 10 MT by 2029. Andhra Pradesh is in the process of developing 3 national industrial corridors in the state, the only state to do so in the country. It is been sanction to build a Bulk-Drug Park, the only state in South India, with the financial assistance of INR 1,000 Crores (USD 125 Million).
Key functionaries from various departments, ministries, and state government institutions had an open interaction with the investing community in Chennai today. Promising to handhold potential investors and facilitate the fastest turnaround time the presentations showcased the present and upcoming infrastructure and the conducive policy environment of the state. Agriculture, Agro-based industries, maritime sector, manufacturing, food processing, ports, IT and Electronics, handlooms, and textiles sectors attracted significant interest at the event.
Andhra Pradesh is India’s gateway to the southeast with its 974 km long coastline, the second longest in the country, 6 existing ports, and 4 upcoming ports. However, it has also emerged as the fastest-growing state in India, as per the number released so far, with double-digit growth of 11.43% in 2021-22. The state has embarked on a rapid growth path under the able leadership of Sri Y.S. Jagan Mohan Reddy, Honourable Chief Minister. Thanks to the governance reforms and formulation of investor-friendly policies by the government, the state has emerged on top in terms of ease of doing business (EoD) for three consecutive years.
Consistent improvement in the governance framework to create hassle-free investing is augmented by hard infrastructure as three of the country’s eleven industrial corridors are being built in Andhra Pradesh alone. The improvements have been duly recognised and the state has received various awards over the last one year alone. To name a few the LEADS award for logistics 2022, the Inertia Award for Energy 2022, the ET award for port-led, and the infrastructure project 2022.
The event was also graced by the key functionaries of state government including Shri Karikal Valaven, Special CS, Industries, Infrastructure, Investment, Smt. K.Sunitha, Principal Secretary, Handlooms & Textiles,- Shri B.Sundar, Special Secretary, IT & Electronics, Shri Shan Mohan, CEO, AP Maritime Board, Smt. Srijana Gummalla, Director of Industries ,Shri Sridhar Reddy, CEO, AP Food Processing Society, and Industry leaders from Tamil Nadu.
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