Visakhapatnam: State Industries Minister Gudivada Amarnath on Friday emphasised Andhra Pradesh as a preferred location for business, stating that investment worth Rs 73,000 crore has been brought in the state during the past three years.
Minister Amarnath remarked during a news conference that the Jagan Mohan Reddy administration provided the state’s industrial sector a boost after it had been ignored by earlier administrations.
According to him, 21 significant and very large enterprises worth Rs 73,000 crore have been introduced into the state during the past three years, creating job prospects for 60,000 people.
He stated that the factory for solar panels, which would be established in the state with an investment of Rs. 4,000 crore, will have its cornerstone put next month.
The Minister said that as a result of the state government’s incentives for the industrial sector, several businesspeople are expressing an interest in investing in the state’s heavy industries, information technology, handlooms, and green energy sectors.
Amarnath was notified that Apache Footwear and Yakahoma Tires Company will both be expanding their businesses in the state and exporting their items from this location are shipped to nations worldwide. A 5,200 megawatt power production plant’s foundation stone was set in May, and there are potential to construct other 30,000 megawatt capacity projects in the state, according to him. “AP has become a compass for integrated projects like solar, wind, and pump storage,” he added.
According to him, the GDP of Andhra Pradesh is 3% more than the national GSDP.
The Minister said that the Global Investment Conference, which will be held in Visakhapatnam on March 3–4, will be open to businessmen from all over the world. Amarnath added that Chief Minister Jagan Mohan Reddy had instructed to personally educate the country’s entrepreneurs about the help and cooperation offered by their government to the investors from industry in Andhra Pradesh
Amarnath said that as a result, significant investments will come to the state.
He stated that the first stage of the Kadapa Steel Plant’s construction will begin on 11,000 acres and cost Rs. 8,500 crore. He declared that Kopparthi, Tirupati, and Nellore will become centres for the manufacture of electronics.
