YS Jagan asks investors to ground projects quickly, promises speed in facilitation

VISAKHAPATNAM: Global as well as Indian business houses have recognised the competitive advantage of Andhra Pradesh in key sectors, said Chief Minister YS Jaganmohan Reddy at the Global Investors Summit 2023 in Visakhapatnam on Saturday.

While congratulating all the delegates for making the Global Investors Summit a huge success, Y S Jagan said, "The summit was organised at a crucial phase. I wholeheartedly thank all of you who worked for the success of the Global Investors Summit".

"We have executed 352 MoUs with an investment commitment of over Rs 13,05,663 crores and employment potential of over 6,03,223 people, commensurate with the extraordinarily optimistic financial markets," he said.

"In the Energy Sector alone, 40 MoUs worth Rs 8,84,823 Crs of investment have been signed, creating employment for 1,90,268 people," said the Chief Minister.

He added, "56 MoUs have been signed into the IT and ITES industry, worth Rs 25,587 crore in investment and providing jobs for 1,04,442 people. In the tourism sector, 117 memorandums of understanding have been signed for an investment of Rs 22,096 crores, creating 30,787 jobs."

“I wish to point out that one of the sectors into which significant investments were committed is the renewable energy sector. These proposed investments into renewable energy generation, pumped storage and production of green hydrogen and green ammonia, would go a long way in mitigating the intermittency associated with renewable energy and render it a credible alternative to fossil fuel-based generation. This would make a significant contribution in green energy space to India’s commitment towards achieving net zero,” YS Jagan said.

The Chief Minister virtually inaugurated 14 industrial facilities on Saturday. These units were set up with an investment of Rs3,841 crore and will be providing employment to 9,108 people.

The Chief Minister assured the delegates that the phenomenal optimism witnessed during the two-day summit would encourage the state government to redouble the efforts in making the business environment in the State more conducive and more welcoming.

“I sincerely request all of you to move from the MoU stage to the grounding of your investments in Andhra Pradesh at the earliest. Assuring you all that our government will demonstrate our “speed of facilitating businesses” taking matters forward,” said the Chief Minister while thanking the delegates.

"During this summit, 15 sector sessions were organised with over 100 speakers showcasing AP’s growing strengths. These 15 focus sectors include Automobile and EV sector, Healthcare and Medical Equipment, Renewable Energy, Green Hydrogen, Green Ammonia, Agri Processing Tourism, and so forth. In addition to these four Country Sessions with UAE, Netherlands, Vietnam, and Australia were organised for exploring opportunities for collaboration with Andhra Pradesh", he said.

Global Investor Summit 2023 organised by the Andhra Pradesh government received an enthusiastic response from the industry. The state received 340 investment proposals worth Rs 13 lakh crore during the event from Indian and global companies.