Andhra Pradesh has set an ambitious goal to attract $1 trillion in investments over the next five years, aiming to establish itself as a key industrial hub. This announcement was made by state minister Nara Lokesh during a press conference ahead of the CII Partnership Summit in Visakhapatnam. Over the past 16 months, Andhra Pradesh has already secured $120 billion in investments.
Lokesh underscored the importance of creating employment, stating that these investments are intended to produce tangible, on-the-ground results. The state government plans to generate 2 million jobs over the next five years. The CII Partnership Summit, set for November 14-15, will formalize 410 investment agreements valued at $120 billion, anticipated to generate 7.5 lakh new jobs. Additional projects with a total value of Rs 2.7 lakh crore will also commence during the summit.
Major international and domestic investors have shown a growing commitment to Andhra Pradesh. Noteworthy projects include ArcelorMittal’s new plant, Google’s Data City in Visakhapatnam, and substantial green energy initiatives by BPCL and NTPC. The state’s ‘Speed of Doing Business’ model has played a pivotal role in accelerating investment efforts, with companies like TCS and Cognizant expanding their operations there.
(With inputs from agencies.)