Andhra attracts over Rs 39k-cr investment in 3 years: Jagan

Chief Minister Jaganmohan Reddy claimed that Andhra Pradesh is progressing rapidly in industrialisation with major corporate companies looking to invest in the state.

Reddy inaugurated the first phase of the ATC Tires unit of the Japan-based Yokohama at the AP SEZ at Anakapalle near Visakhapatnam on Tuesday. He laid the foundation for Phase 2. Reddy said that the company began production in just 15 months and the second phase is likely to go into steam by August 2023.

In the first phase, Yokohama invested Rs 1,250 crore, providing employment to over 1,200 people. Second phase development would create another 800 jobs.

Stating the company as in the top rankings worldwide, the Chief Minister said that such a firm coming to invest in AP is “a blissful sign” for the industry in the state.

“During the past three years an investment of Rs 39,350 crores came to AP through 17 large scale industries and 56 major industries would be setting up shop in the coming two years. In the MSME sector, 31,671 industries are investing Rs 8,285 crore. In all Rs 1.54 lakh crore is coming in as investment providing employment to over 1.64 lakh people,” the CM listed.

Stating that both Adani and Ambani groups have been looking towards AP, Reddy said that the Adani Data Centre will come up at Vizag within two months. Locals will get 75 percent of the jobs, he said.

For three consecutive years, AP has been on top of the Ease of Doing Business list. AP is the only state with three industrial corridors and nine shipping harbours coming up. In exports as well, our state is poised for a big leap from two percent to 10 percent of the national average, CM said while assuring industrialists of full cooperation from his government.

Reddy's statements, and assurances come at a time when the opposition TDP, Janasena have been accusing the YSRCP of failing to promote AP as an investment destination. The parties allege industry, and entrepreneurs are suffering since Reddy came to power in 2019.