Global Investors’ Summit kicks off in Visakhapatnam

In his inaugural address, the chief minister said the “state is the gateway to the South East, with its 974 km long coastline, the second longest in the country, six existing ports and four upcoming ones”.

Visakhapatnam: Andhra Pradesh has abundant natural resources and is prepared to be at the forefront of emerging growth opportunities, chief minister Y S Jagan Mohan Reddy said on Friday as the two-day Global Investors’ Summit kicked off at Visakhapatnam.

CM Y S Jagan Mohan Reddy speaks during the Global Investors Summit 2023 in Visakhapatnam. (AP)

In his inaugural address, the chief minister said the “state is the gateway to the South East, with its 974 km long coastline, the second longest in the country, six existing ports and four upcoming ones”.

“The state has a robust infrastructure with six airports and three industrial corridors passing through it. Its strategic location, skilled youth and proactive government with policy framework are advantages for any investor,” Reddy said at the event at Andhra University engineering college grounds.

He said that Andhra Pradesh has emerged as the fastest-growing state in the country, with a growth rate of 11.43% in Gross State Domestic Product in 2021-22.

He pointed out that the state’s summit is taking place at a time when India is playing a key role of a global leader through its G20 presidency, and that there is a great opportunity for the country in terms of attracting global investment and technology.

“Andhra Pradesh, too, is prepared to be at the forefront of emerging growth opportunities,” he said.

The chief minister said the state’s growth was based on four pillars – promotion of green energy, industrial and logistics infrastructure, digitalisation and skilled and enterprising manpower.

He also said that the state is blessed with a renewable energy potential of 82.5 GW. “It (Andhra Pradesh) is one of the very few states in India that has combined potential for solar, wind and pumped storage. We have also identified and set aside dedicated land parcels for wind, solar and pumped storage projects,” he said.

The state has a conducive ecosystem for industrial growth, Reddy said, adding that the state government has repealed obsolete laws and established a one-stop digital platform for giving approvals to domestic and international investors within 21 days.

“We urge all business leaders to participate and engage and explore the potential of various sectors in Andhra Pradesh. We are just a phone call away to address all your needs,” he said.

According to Reddy, the government received as many as 340 investment proposals worth ₹13 lakh crore, having a potential to create 600,000 jobs, on the first day of the summit. The government signed 92 Memorandums of Understanding (MoUs) worth ₹11.87 lakh crore on Friday, he said.

Reliance Industries chairman Mukesh Ambani said the growth of the blue economy would open up new opportunities for Andhra Pradesh. With the longest coastline, the state has immense potential to prosper by harnessing renewable ocean energy, sea bed minerals and marine biotechnology, he said.

He explained how the Reliance Group has been part of Andhra Pradesh’s growth story by investing in gas exploration in Krishna-Godavari basin. Through this, the company catered to 30% of gas needs of the country, he said.

Adani Ports and SEZ Ltd chairman Karan Adani spoke about how his group was playing a key role in the development of port infrastructure in the state.

Jindal Steel and Power Limited chairman Naveen Jindal announced the setting up of a state-of-the-art steel plant at Kadapa.