AP woos investors with early bird incentives

Special GIS offers

- Additional incentives for projects grounded in 6 mths

- New Industrial Policy will be unveiled soon

- AP targetsRs2 lakh cr investments

Visakhapatnam: As the preparations for the Global Investors’ Summit (GIS) are going on in full swing, the State Government has announced early bird incentives in the New Industrial Policy for the project proponents who ground their ventures within six months of signing the MoUs at the high-profile event in Visakhapatnam on March 3 and 4, 2023.

Announcing this, Minister for Industries, Commerce and IT Gudivada Amarnath along with Industries Director G Srijana said on Tuesday that the New Industrial Policy will be unveiled soon keeping in view the requirements for next five years. The policy for 2020-23 will come to end on March 31.

In addition to slew of incentives in the new policy, for those inking MoUs at GIS and ground the projects within six months, the government will offer additional incentives as a goodwill gesture on the directions of Chief Minister YS Jagan Mohan Reddy, Amarnath told the media.

He exuded confidence that they are expecting huge investments in green energy, petrochemical corridor between Visakhapatnam and Kakinada, IT and electronics, agriculture and food processing industries, electric vehicles and deference and aerospace among 14 thrust areas identified for investments at GIS. He said unlike the erstwhile TDP Government, they did not believe in publicity stunts by signing MoUs only for the sake of inflating the investment proposals to mislead the public. He said the conductive industrial climate created in the State after the YSRCP formed the government has brought the sea-change, adding the efforts made by the government to make GIS a grand success will become a game-changer for accelerating industrialisation across the State.

The Minister said they have set a target to attract investments of at least Rs2 lakh crore.

After the inaugural session, there will be breakout sessions in four halls at Andhra University Engineering College grounds on 14 sectors being showcased with investment opportunities. Among the prominent industrialists, who have confirmed participation include Mukesh Ambani, Kumaramangalam Birla, Navin and Sajjan Jindal and Grandhi Mallikarjuna Rao. Delegates from over 20 countries including the European Union Chambers of Commerce will be among the others present. He said proactive policies, vast usable stretch of 974-km long coastline, highest GSDP growth of 11.43 per cent in India, working age group of 70 per cent, No:1 ranking in EDB after assessment by the stakeholders by securing 97.89 per cent in perception survey on 356 parameters, creditable achievement in Sustainable Development Index and a vast land bank of 48,000 acres all along Visakhapatnam-Chennai Industrial Corridor, Bengaluru-Hyderabad Industrial Corridor and Chennai-Bengaluru will be showcased at the summit.

Amarnath said the government will develop Visakhapatnam, Anantapur and Tirupati as concept cities. He said the State has emerged successful in getting approval from the Centre for Bulk Drug Park in 2,000 acres at Kakinada with an initial grant of Rs1,000 crore for creating infrastructure envisaging an investment of Rs30,000 crore to Rs35,000 crore. Moreover, the petroleum corridor over a stretch of 640 sq km, Mega Industrial Hub at Kopparthi in Kadapa, Greenfield airports, ports and fishing harbours with massive investment through AP Maritime Board and the decision to set up iconic tower for startups with a built-up area of three lakh sft in Visakhapatnam will bring investments to the State in future.