Andhra Pradesh and Tamil Nadu have a shared legacy, can work closely for sustainable economic growth: Shri Rajendranath, Minister for Finance, Andhra Pradesh.

Andhra Pradesh’s next wave of growth will be driven by mega infrastructure projects: Andhra Pradesh Government

Andhra Pradesh‘s successful Investors Meet in Chennai, held ahead of its Global Investors Summit 2023 offers to improve logistics performance by developing five Multi Modal Logistics Parks as well as ready-built infrastructure to shorten the time required to set up new facilities.

The State of Andhra Pradesh and Tamil Nadu have a very strong foundation with their diversified portfolio  of economic activity and can grow together for sustainable growth said the Honourable Minister for  Finance, Planning, Commercial Taxes, Skill Development, Training, Legislative Affairs, Government of  Andhra Pradesh, Shri. Buggana Rajendranath, at the very successful Investors’ Meet at Chennai today.

“We are leveraging our geographical advantage of being in proximity to the city of Chennai. It is one of the  top industrialized states in the country and has been at the forefront of industrial development for the past  few decades, said Shri. Rajendranath, addressing Tamil Nadu as ‘a Sibling State’.

The Honourable minister also pointed out that there are various sectors where both the states can work  hand-in-hand like agriculture, maritime, infrastructure, green energy, logistics, tourism, etc. “Tamil Nadu is  one of the top industrialized states in the country and has been at the forefront of industrial development  for the past few decades due to strategic advantage that they had. We can collaborate in traditional  sectors such as automobile, textiles, chemicals &  petrochemicals, engineering; strong maritime  infrastructure; renewable energy; social infrastructure such as education and health; as well as focus on  modern forward-looking sectors such as IT, Global Capability Centers, Data Centers, Emerging  Technologies, Defence and Electric Vehicles,” he said.

“Andhra Pradesh is hardwired to lead the Indian growth story and we want investors to take advantage of  the opportunity and be a part of this journey,” he said. “We are providing 48,352 acres of land bank for industrial development,” he added.

The state of Andhra Pradesh is showcasing its rich natural resources, large investments in infrastructure,  land bank, and intensive reforms in rules and regulations at a successful investors meeting in Chennai.  These efforts, taken together, position Andhra Pradesh as the state where abundance meets prosperity.  The event is one of many such meets being organised in the run-up to the Global Investors Summit on March 3 rd -4 th 2023 in Visakhapatnam.

He also added that in the last 3.5 years, the state has approved investments to the tune of Rs.1.9 lakh  Crore. “That would go on to create employment for around 90,000 people in the state in the future,” he said.

The state is also spending significant amount of its budget on developing air connectivity in the state, with  a Greenfield international airport coming up at Bhogapuram near Visakhapatnam at a cost of Rs. 2,500  Crores (USD 300 Million). The four new ports at Ramayapatnam, Machilipatnam, Bhavanapadu and  Kakinada are being built. The state also intends to develop Inland Waterways, which will reduce cost of  logistics for moving cargo within and outside the state. 27 locations have been identified as prioritized  terminals. The waterways will have potential to handle 10 MT by 2029. Andhra Pradesh is in the process of  developing 3 national industrial corridors in the state, the only state to do so in the country. It is been  sanction to build a Bulk-Drug Park, the only state in South India, with the financial assistance of INR 1,000
Crores (USD 125 Million).

Key functionaries from various departments, ministries, and state government institutions had an open  interaction with the investing community in Chennai today. Promising to handhold potential investors and  facilitate the fastest turnaround time the presentations showcased the present and upcoming  infrastructure and the conducive policy environment of the state. Agriculture, Agro-based industries,  maritime sector, manufacturing, food processing, ports, IT and Electronics, handlooms, and textiles sectors  attracted significant interest at the event.

Andhra Pradesh is India’s gateway to the southeast with its 974 km long coastline, the second longest in  the country, 6 existing ports, and 4 upcoming ports. However, it has also emerged as the fastest-growing  state in India, as per the number released so far, with double-digit growth of 11.43% in 2021-22. The state  has embarked on a rapid growth path under the able leadership of Sri Y.S. Jagan Mohan Reddy, Honourable  Chief Minister. Thanks to the governance reforms and formulation of investor-friendly  policies by the government, the state has emerged on top in terms of ease of doing business (EoD) for three consecutive years.

Consistent improvement in the governance framework to create hassle-free investing is augmented by  hard infrastructure as three of the country’s eleven industrial corridors are being built in Andhra Pradesh  alone. The improvements have been duly recognised and the state has received various awards over the  last one year alone. To name a few the LEADS award for logistics 2022, the Inertia Award for Energy 2022,  the ET award for port-led, and the infrastructure project 2022.

The event was also graced by the key functionaries of state government including Shri Karikal Valaven,  Special CS, Industries, Infrastructure, Investment, Smt. K.Sunitha, Principal Secretary, Handlooms & Textiles,- Shri B.Sundar, Special Secretary, IT &  Electronics, Shri Shan Mohan,CEO, AP Maritime Board,Smt.  Srijana Gummalla, Director of Industries ,Shri Sridhar Reddy, CEO, AP Food Processing  Society, and Industry leaders from Tamil Nadu.