New Year generates hope for major investments in AP

Visakhapatnam: Though there was nothing significant in the field of industrial investments in Andhra Pradesh mainly due to prolonged spell of the pandemic, several big ticket projects are likely to materialise with elections due in less than one and half years.

The government has redoubled efforts to romp in major projects as several roadshows are planned in India and abroad to showcase opportunities as a prelude Global Investment Summit being organised here in collaboration with Confederation of Indian Industry (CII).

"We are expecting grounding of several mega projects as the economy has shown signs of recovery," Industries and Commerce Minister Gudivada Amarnath told Bizz Buzz.

He said by retaining numero uno status in Ease of Doing Business and impressive track-record in GSDP growth under the leadership of Chief Minister Y S Jagan Mohan Reddy, several big groups are evincing interest to invest in port-led development, pharma, food processing, IT, tourism, warehousing, technology and other sectors across Andhra Pradesh.

"We are hopeful that the New Year will usher in good days for IT and other sectors," CII AP chairman Neeraj Sarda said.

At the World Economic Forum meeting at Davos, MoUs for green energy projects worth Rs 1.25 lakh crore were signed. Greenko has already started work on its Kurnool project. Adani Enterprises will kick-start work on its Rs 14,634-crore data park and 200 MW solar power plant here shortly.

The Centre has already approved establishment of a Bulk Drug Park at Kakinada for which Rs 1,000 crore will be sanctioned for creating the infrastructure. The passage of three industrial corridors through the State will spur growth. Work has been launched on Ramayapatnam Port with an investment of Rs 3,736 core in first phase to handle 25 million tonne and Rs 6,904 crore in second phase to enhance capacity to 63 million tonne. Work is in progress to finalize contracts for greenfield ports at Bhavanapadu and Machilipatnam by AP Maritime Board.

With sorting out of a land problem for Bhogapuram International Airport by GMR Group, work on the Rs 5,000-crore project in Vizianagaram will start in the New Year. Already, the government has cleared the proposal for Kadapa Steel Plant by JSW Steel with an investment of Rs 8,000 crore in two phases.

Several prestigious conferences are lined up in Visakhapatnam to promote Brand Andhra Pradesh including Health Summit on January 6, 7 and 8, Infinity IT Summit on January 20 and 21, G20 Summit on February 3 and 4, Global Tech Summit on February 16 and 17 and Global Investment Summit on March 3 and 4.

Pulsus Group Chairman Gedela Srinubabu said the State is bound to see major investments in various fields in the New Year due to proactive policies implemented by the State and Central Governments.

By retaining numero uno status in Ease of Doing Business and impressive track-record in GSDP growth, many large groups are evincing interest to invest in port-led development, pharma, food processing, IT, tourism, warehousing, technology and other sectors across Andhra Pradesh

- Industries and Commerce Minister Gudivada Amarnath