As much as 410 memorandum of understandings (MoUs), involving new investments worth $120 billion in Andhra Pradesh, are likely to be signed in the upcoming CII-Partnership Summit to be held on November 14-15 at Vishakhapatnam, the state’s IT Minister Nara Lokesh said on Wednesday.
“These will be additional $120 billion worth announcements, over the $120 billion already made in the last 17 months," Lokesh told reporters ahead of the Summit. He added that he aims to attract $1 trillion-worth investments in the state in coming years.
Once these investments (of $120 billion) are executed on ground, it will create 7.5 lakh jobs in the state, said the Minister.
"When we came in power last year, we made a promise that our government (of TDP) will create 2 million jobs in five years…we’ve already created about 200,000 jobs," the Minister said.
Lokesh added that the AP government is open to receiving investments from across the world, and any company from any country, including China, can invest in the state. "I’m sector focused, not country focused," said the Minister.
So far, in the past 17 months, renewable energy, steel, and Information Technology are the sectors which has attracted most investments, but the state is open to attracting investments from other sectors as well. "We focus on clusters, and create an ecosystem for sectors in different regions,” explained the Minister.
"There is a cement hub, IT hub, automobile hub, electronics hub, quantum computing hub, pharma and others…in total, there are 15 thrust areas," he said.
On US tariffs, Lokesh said that "crisis is always an opportunity". "Shrimps attract 50 percent tariffs. I have sat personally with industry and other stakeholders, to see what help can be provided."
He noted that the state government has reduced power tariffs for the shrimp farmers as a relief measure, and is looking at ways to help them diversify to new markets.
Speed, leadership of Chief Minister N Chandrababa Naidu, and support from "double engine bullet train sarkaar" is making AP an investment friendly destination.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
