Global Investors Summit: CM Jagan says Andhra Pradesh received proposals worth Rs 13 lakh crore

Andhra Pradesh chief minister Jagan Mohan Reddy has announced the receipt of 340 proposals for industrial investments to the tune of Rs 13 lakh crore in the state, during the Andhra Pradesh Global Investor Summit 2023 being held in Visakhapatnam.

The investment is likely to create over six lakh jobs across 20 sectors, Reddy said in his inaugural address on Friday.

Speaking earlier, Mukesh Ambani, Chairman, Reliance Industries Ltd said that his company will “invest in 10 GW renewable solar energy in Andhra Pradesh.”

Grandhi Mallikarjuna Rao, Founder Chairman, GMR Group, reminded that his firm is developing the green field, Visakhapatnam International Airport at Bhogapuram.

Ambani, Rao, Karan Adani, Naveen Jindal are some of the industry honchos that attended the inaugural session of the YSRCP government's first investment summit.

“AP has received 340 proposals with investment of about Rs 13 lakh crore, providing employment to almost six lakh people across 20 sectors distributed across the state,” CM Reddy said, adding that 92 MoUs worth over Rs 11 lakh crore were being executed on Friday and the remaining on Saturday.

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The CM told the businessmen that, through the summit, his government is “sharing the opportunities Andhra Pradesh has to offer while emphasizing “on a healthy competition and long-term partnerships.”

The state government has put special focus on the potential in the renewable energy sector. “Andhra Pradesh is blessed with a large renewable energy potential of 82.5 GW. It is one of the very few states in India that has combined potential for solar, wind and pumped storage. We have also identified and set aside dedicated land parcels for wind, solar and pumped storage projects.” Reddy stated.

The CM reiterated that “the beautiful city of Visakhapatnam would be our executive capital” and that he will also be moving here soon.

In his keynote address, Nitin Gadkari, Union Minister for Road Transport and Highways, highlighted the major ongoing infrastructure projects in Andhra “that will enhance the state's attractiveness as an investment destination.”