Investment: AP holds Diplomatic Outreach event

Pitching for investment for the overall development of Andhra Pradesh, Chief Minister Y S Jaganmohan Reddy on Friday urged the representatives from 30 countries to help the state to develop at par with other southern states.

He was addressing the Diplomatic Outreach programme held at Vijayawada in which 50 representatives and 16 ambassadors of different countries took part.

“We offer you a stable government. We are the fourth largest political party in Parliament and 86% of state Assembly is with us. Our relation with the Centre and neighbouring states is excellent,” Jagan told the delegates, asking them to look for a transparent and stable government for their investment.

“We may be poor and may not have infrastructures like Hyderabad or Bengaluru, but we have a 975-km long coastline, four ports and six airports,” he added.

Explaining the controversial review of the Power Purchase Agreements (PPA) and the enactment of 75% reservation for local people in private sector, the chief minister said the government took the initiative to save the Discoms from bankruptcy due to the expensive PPAs.

“As a result of the high tariffs the distribution companies were unable to pay the bills and they have accumulated arrears of staggering Rs 20,000 crore,” Jagan said.

Urging the diplomats to understand the need of securing jobs for the local youth, Jagan said that the reservation will give them a reason to forgo their land. “All you need to do is to give us a list of talent that you are looking for and we will train them,” Jagan.

Jagan asked the delegates to look for options in seaports, airports, oil refineries, steel, water management, interlinking of rivers, clean fuels, research-oriented educational institutions, metro rails in Vizag and Vijayawada and innovative welfare schemes.

The AP government also has plans to set up investment promotion offices and investor desks across major Indian cities like Bengaluru, Chennai, Delhi, Mumbai, besides Tokyo, Seoul and other select foreign capitals to enable regular interaction with top investors across sectors. Wherever offices cannot be set up directly, the state will partner with CII, FICCI and other Industrial organisations.