JOIN USJagan eyes Rs 2 lakh crore from Global Investors Summit 2023 in Andhra Pradesh
The Jagan Mohan Reddy government has targeted an investment figure of Rs 2 lakh crore from the two-day Global Investors Summit it is organizing in Visakhapatnam, beginning on Friday, offering a robust business climate to potential investors.
The Andhra Pradesh GIS 2023 is the first mega business summit planned by Jagan, as the CM is popularly known, since he stormed to power in the summer of 2019, sweeping the Assembly and Lok Sabha polls in the state.
Andhra Pradesh has been receiving copious rains and people are showered with a slew of welfare programmes like enhanced pensions, handouts like Rs 13,000 per annum to poverty stricken mothers sending their kids to school. But at the same time, Jagan has been facing criticism from the Opposition that investments into the state have dried up during his tenure.
In fact, in his first year, CM Jagan scrapped some of the major investment agreements made by his predecessor Chandrababu Naidu, like the one with the Singapore consortium to develop a start-up area to serve as the financial hub of the new capital, Amaravati.
In Visakhapatnam also known as Vizag, a Rs 2,200 crore project of Abu Dhabi-based LuLu group to construct an international convention centre, a shopping mall, and a five star hotel, was cancelled, citing “citing non-transparent procedures followed by the previous government.”
Such reversals, industrialists opined, had hurt investors' faith in truncated AP which was vying to become a business destination despite the loss of Hyderabad's charm. And Jagan's controversial three capitals plan has further weakened the interest in AP, analysts said.
Even as he continues to be targeted by the TDP “for failing AP on the industrial front,” Jagan has now set out to attract major investments in his state with the branding “Advantage-AP.”
Ample investments and higher revenues to sustain his welfare-oriented administration and job creation to attract youth are essential for Jagan as he faces polls next year.
As part of GIS preparations, the CM attended a full day meeting with entrepreneurs and envoys in New Delhi in January, beseeching them to visit AP and explore the immense opportunities in the state.
Jagan also sought to provide a clarity on the capital, announcing that Vizag “is going to be our capital, in the days to come.”
Visakhapatnam, the Eastern Naval Command base, is the most industrialized city in AP with establishments like Vizag Steel Plant, HPCL refinery, Hindustan Shipyard, and many pharma units. It is also a big tourist destination for budget travelers.
The three investment summits during Naidu's last term in office were also held in Vizag.
“While the TDP claimed investment MoUs worth about Rs 12 lakh crore were signed, the proposals grounded were less than 10 percent during their tenure. We are focused on reaching agreements that are tangible and units which can start operating in as short a time as possible,” Sridhar Lanka, advisor (industries and commerce), AP government, told DH.
Mukesh Ambani, KM Birla, Sanjiv Bajaj, Sajjan Jindal are among the top industry honchos, officials said, are participating in the grand conference being held in the port-city.
The Jagan government is counting on strengths like its consistent topping of Ease of Doing Business rankings, over 900 Kms of coast line – several ports, large land tracts readily available for industrial units, in winning huge investments.