Andhra Pradesh gets Rs.11.88 cr investment proposals on Day One

92 MoU amounting to Rs.11,87,756 crore and generating 3.92 lakh jobs in Andhra Pradesh, were signed on the opening day of the two-day Global Investment Summit 2023.

Visakhapatnam: As many as 92 Memorandum of Understanding (MoU) amounting to Rs.11,87,756 crore and generating 3.92 lakh jobs in Andhra Pradesh, were signed on Friday, the opening day of the two-day Global Investment Summit 2023 here.

The Energy Department attracted 35 investment proposals with Rs.8.25 lakh crore investment generating 1.33 lakh employment, followed by Industries and Commerce with 41 proposals to investment Rs.3.20 lakh crore and 1.79 lakh jobs. The IT and ITES (Information Technology Enabled Services) Department managed to get six proposals of Rs.32,944 crore investments that generate employment for 64,815 people while the Tourism Department got 10 with investments to the tune of Rs.8,718 crore to provide employment for 13,400 persons in the state.

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Amongst the major investors are, the National Thermal Power Corporation (NTPC) which signed 3 MoUs with an investment of Rs. 2.35 lakh crore and 77,000 jobs, the JSW Group inked six MoUs, the largest being an investment of Rs.50,632 crore and generating 9,500 jobs, and the ABC Limited signed an MoU for investing Rs. 1.20 lakh crore and 7000 jobs.

Also, the Aurobindo Group signed 5 MoU’s with an investment of Rs.10,365 crore and 5,250 jobs, the Adani Green Energy two MoUs with an investment of Rs. 21,820 crore and 14,000 jobs, the Aditya Birla Group two MoUs with an investment of Rs 9,300 crore and 2,850 jobs, and the Jindal Steel one MoU with an investment of Rs. 7,500 crore and jobs for 2,500 persons.

The First day saw 64 companies signing MoUs with the Andhra Pradesh government and many more are expected on Saturday, when the Summit concludes.

Andhra Pradesh Chief Minister YS Jagan Mohan Reddy who inaugurated the event said that the state government received 340 investment proposals worth Rs 13 lakh crore providing employment to six lakh people across 20 sectors. He also reiterated that Visakhapatnam would be the executive capital of Andhra Pradesh and he would be shifting to port city soon.

At the sprawling Andhra University Engineering College grounds which is hosting the two-day meet, about 200 stalls including over 30 showcasing the various advantages of investing in Andhra Pradesh in 13 crucial sectors identified by the government, were set up. The venue has five huge halls and each hall will host different events such as government-to-business (G2B) meetings, seminars, and meetings. Over 8,000 dignitaries and investors from across India and 40 other countries including China and USA are attending the event.