The Andhra Pradesh government today signed a pact with the US government for developing Visakahapatnam as a 'Smart City'.
State Principal Secretary (Municipal Administration) K Velvan and US Trade and Development Agency country head Heather K Langan exchanged documents in the presence of Andhra Pradesh Chief Minister N Chandrababu Naidu and US Ambassador to India Richard R Verma.
"The US government would extend all its help for the development of Visakhpatnam as 'Smart City', as agreed upon by (US) President Barack Obama and Indian Prime Minister Narendra Modi," Verma told reporters here.
"The US Trade and Development Agency would provide investment to prepare a Master Plan, which would be worked out by companies including IBM, KPMG and AECOM," he said.
He said the US government would also extend its cooperation in defence sector and provide technology for the co-production of jet engines and aircraft.
Nearly 20 companies from the US are ready to invest in India after formal agreements, he said.
The Indo-US trade is expected to reach USD 500 billion in future from the present value of USD 100 billion, he asserted.
US Trade and Development Agency Director Leocadia I Zak said the agency would provide financial assistance of USD 1.4 million for the city's Master Plan.
State Chief Minister N Chandrababu Naidu expressed happiness on the cooperation extended by the US government for the development of Visakhapatnam as a Smart City.
"Visakhapatnam is one of the most important cities of the state and would be developed further, as the city has all natural resources and the (Central) government has chosen to develop it under the 'Smart City' project," he said.
"After Hudhud cyclone struck the city in October, 2014, the city hosted two major international events - the Andhra Pradesh Investment Meet, which was partaken by delegates from 40 countries, and the recently concluded International Fleet Review (IFR), in which 50 countries participated," the Chief Minister said.
State ministers, officials and delegates from the US embassy attended the function.
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