The first day of the Global Investors Summit 2023 (GIS) in Andhra Pradesh’s Visakhapatnam witnessed an impressive line-up of guests with several business tycoons gracing the occasion and extending their support in terms of investments to the state of Andhra Pradesh. Chief Minister Jagan Mohan Reddy said the state received 340 proposals from investors promising an investment of Rs 13 lakh crore and employment to over six lakh people at the summit.
A total of 92 Memorandums of Understanding (MoUs) worth Rs 11.8 lakh crore were signed on the first day of the summit. These projects are expected to generate 3.92 lakh jobs in the state. More MoUs are expected to be signed on the second day of the summit. The two-day summit began on Friday, March 3 and will end on Saturday, March 4. A total of 64 companies signed MoUs with the Andhra Pradesh government on the first day of the summit.
Mukesh Ambani, Chairman of Reliance Industries, Naveen Jindal, Chairman of JSW Steel Group, Hari Mohan Bangur, Managing Director of Shree Cement, Karan Adani, CEO of Adani Ports and SEZ Ltd, Martin Eberhard, co-founder and former CEO of Tesla, Sajjan Bhajanka, Chairman of Century Plyboards, and Krishna Ella, Founder & Executive Chairman of Bharat Biotech, were among those who were present on the first day of the summit.
Chief Minister Jagan Mohan Reddy said the state of Andhra Pradesh is known for ensuring a business-friendly environment for all stakeholders. “The state has consistently stood first in the country in Ease of Doing Business consecutively for the past three years and received the highest positive feedback of 97.89% from industries surveyed by the Department for Promotion of Industry and Internal Trade, Government of India, which itself speaks volumes of the conducive environment in the state,” he said.
“Moreover, we have proactively amended Acts and repealed obsolete laws to reduce compliance burden on industry. Along with good infrastructure and a conducive business environment, availability of skilled workforce is very crucial if the desired outcome is to be achieved. To this end, the state government is in the process of establishing 26 skill development colleges in the state,” said the Chief Minister. The government’s objective is to upgrade the skills of youth to international level through these colleges, he added.
The Energy Department attracted 35 investment proposals worth Rs 8.25 lakh crore which can generate 1.33 lakh jobs. Close behind was the Department of Industries & Commerce, which attracted around 41 proposals with an investment of Rs 3.2 lakh crore that can generate 1.79 lakh jobs. The IT and ITES Department managed to get six proposals with investment to the tune of Rs 32,944 crore, which can provide employment for 64,815 people. The Tourism Department received 10 proposals with a projected investment of Rs 8,718 crore, with the potential to generate 13,400 jobs.
Major investors include the National Thermal Power Corporation (NTPC), the JSW Group, ABC Limited, Aurobindo Group, Adani Green Energy and the Aditya Birla Group. The state government had held similar meets in Delhi, Bangalore, Chennai, Mumbai and Hyderabad before the Vishakhapatnam summit. There are many more proposals to be signed on the second day of the summit.
The sprawling sports grounds of Andhra University is hosting the meet, where around 200 stalls have been set up. More than 30 kiosks showcase the various advantages of investing in Andhra Pradesh in 13 crucial sectors identified by the government. The venue consists of five massive halls, each hosting events such as government-to-business (G2B) meetings and seminars. Over 8,000 dignitaries and investors from across India and 40 countries including China and USA are attending the event.
Earlier, speaking to TNM, Information Technology and Industries Minister Gudivada Amarnath had said the Andhra Pradesh government is expecting the Global Investor Summit to be a game changer. “At the very least, we are looking at a starting investment target of Rs 2 lakh crore. We are going to sign MoUs with over 25 countries including the European Union. The Union’s delegates will be at the summit. We will also release the new industrial policy of the state for the next five years. This will be a game-changer,” the minister had said.