Andhra Pradesh showcased its abundant natural resources, substantial investment in infrastructure, land bank, and comprehensive reforms at successful investors gathering in Bengaluru. The state’s initiatives position it as a prosperous and resource-rich location for investment. The gathering is one of many leading up to the Global Investors Summit on March 3–4, 2023, in Visakhapatnam.
According to Shri. Buggana Rajendranath, the Minister for Finance, Planning, Commercial Taxes, Skill Development, Training, & Legislative Affairs, Andhra Pradesh’s emerging IT centres, such as Visakhapatnam, Tirupati, and Anantapur, offer 20-25% lower operating costs than older IT hubs. The government aims to develop Visakhapatnam as a beach-IT destination, said Shri Gudivada Amarnath, the Minister for Industries, Infrastructure, Investment & Commerce, IT, Handlooms & Textiles.
The IT secretary highlighted the state’s strengths, including the accessibility of skilled labour, which is essential for the IT business. Andhra Pradesh ranks seventh in India’s Skills Report 2022 for Employability and is home to 346 engineering/MCA colleges, over 18 state-sponsored universities, and elite institutions like IIT, IISER, IIIT, and IIM. Additionally, the state is becoming a preferred location for electronics manufacturers, with four specifically designated clusters for electronic manufacturing (EMCs).
Key officials from various departments, ministries, and state government institutions had an open interaction with potential investors in Bengaluru, promising to facilitate the fastest turnaround time and showcase the present and upcoming infrastructure and the conducive policy environment of the state. The manufacturing, food processing, ports, IT and Electronics, handlooms, and textiles sectors attracted significant interest at the event.
Andhra Pradesh’s 974 km long coastline, the second longest in India, six existing ports, and four upcoming ports make it India’s gateway to the southeast. The state has emerged as the fastest-growing state in India with double-digit growth of 11.43% in 2021-22. Andhra Pradesh has received various awards over the last year, including the LEADS award for logistics 2022, the Inertia Award for Energy 2022, the ET award for port-led and infrastructure project 2022.
The event was attended by key functionaries of state government including Dr.Srijana Gummalla, IAS, Director of Industries, VC & MD APIIC, CEO APEDB, Sri. L Sridhar Reddy, CEO, AP Food Processing Society, Sri. Ravindranath Reddy, Dep. CEO, AMPB, ITES secretary, and Smt. K.Sunitha, IAS, Prl Secretary, Handlooms & Textiles.