Andhra investor meet: 32 MoUs worth Rs 1.95 lakh cr on Day One; Naidu promises approvals in 21 days


Visakhapatnam – The Andhra Pradesh government on Sunday said it has signed 32 MoUs with various companies involving an investment of Rs 1.95 lakh crore on the inaugural day of the three-day long partnership summit here.

Chandrababu Naidu. Image: IBNLive

“We have signed 32 Memorandum of Understanding (MoU) which would attract investments to the tune of Rs 1.95 lakh crore in the state. Out of 32, 22 MoUs are in energy sector,” Andhra Pradesh Chief Minister N Chandrababu Naidu told reporters.

He further said the total investment would create job opportunities for nearly 95,000 people.

One of the examples which Naidu gave was of Anil Ambani led Reliance announcing setting up of a new ship building facility with an initial investment of Rs 5,000 crore in the state.

Replying to a query, the Chief Minister said as many as 49 MoUs in the IT sector will be signed on Monday.

Earlier in the day, inviting domestic and foreign investors Naidu said the state authorities will provide all clearances and approvals in a short time and in a transparent manner.

Speaking at the inauguration of the summit here, he said the state has all the important elements such as skilled labour, power, land, water and natural resources.

“I am assuring you that your any problem will be cleared in a transparent manner, and within 21 days, all the clearances will be given to you,” he said adding the state by 2022 will be among the top three states, by 2029, it will be number one in terms of economy and happiness, and by 2050, it will become the top destination in the world.

Naidu also asked the Finance Minister Arun Jaitley and Commerce and Industry Minister Nirmala Sitharaman to support the state as it is facing problems related to taxation and finance after the bifurcation.

Naidu said his government is working to reduce the number of permissions and approvals to facilitate investors.

“I can provide you good governance, simplification of procedures… if you invest in Andhra Pradesh, you will not loose anything and you will have excellent profit,” he said urging all investors to open an office in the upcoming capital city of the state and sign an MoU before leaving this summit.

Speaking at the event, Jaitley said: “We stand with you in whatever has been committed by the Centre and step by step, each one of those assistances will come to the state of Andhra Pradesh to help it to grow and become one of the best states in the country”.

Sitharaman too said the government will work with the state in its fullest capacity to ensure that this states’ prosperity factored into the Budget and planning.

“If the Finance Minister and the Prime Minister are hoping to have a two digit-growth for this country, it has to happen in every corner of this country and that can happen as somebody rightly pointed out the engine for the growth should be from Andhra Pradesh. It has everything – rivers, minerals, human resource,” she said.

Participants and delegates from about 45 countries are participating in the summit.