AP Global Investors Summit: Chief Minister Jagan underscores state focus on green energy

Collectively, 352 MoUs have been signed worth over ₹13 lakh crore, with an employment potential of over 6 lakh persons.

ByPavan Korada

Published Mar 04, 2023 | 5:23 PM Updated Mar 04, 2023 | 5:23 PM

While the first day saw the presence of corporate bigwigs, the second day saw a dash of political presence. (Twitter)

The second day of the Global Investment Summit (GIS) 2023 started early with a packed auditorium at the Andhra University Ground in Visakhapatnam.

The first day of the summit saw a total of 92 MoUs worth ₹11,87,756 crore, with the potential to generate 3.92 lakh jobs.

Flagging of Day 2 of GIS

While the first day saw the presence of corporate bigwigs like Mukesh Ambani, Karan Adani, and Naveen Jindal, among others, the second day had a dash of political presence with Union Minister of Tourism, Culture and Development of North-Eastern Region G Kishan Reddy, and Union Minister of Ports, Shipping and Waterways & Ministry of Ayush Sarbananda Sonowal attending the summit.

Setting Day 2 in context, Minister for Industries, Infrastructure, Investment & Commerce Gudivada Amarnath said, “Andhra Pradesh can give opportunities across the spectrum, across sectors, and across the value chain. The state has housed facilities of companies representing North America, Europe, Asia, Australia, and Africa. The strong international community at the summit clearly reflects our global connection.”

He added, “While supporting larger anchor investments, the government also provides support to our MSME sector, which is a vibrant and critical component of our economic growth and employment.”

Praise for Andhra Pradesh 

Laying out the support from the Union government to improve the economic situation of India, Minister Kishan Reddy said, “Keeping in view India’s vision to become atmanirbhar, the government of India is implementing PLI (Production Linked Incentives) schemes in 14 key sectors like mobile manufacturing, electronics, food products, pharmaceuticals, API, medical devices, batteries, automobiles, and components and such. More than ₹2 lakh crore has been budgeted for PLI, which will transform India into a global manufacturing hub and create over 60 lakh jobs.”

Kishan Reddy also emphasised the natural resource advantage that Andhra Pradesh possess and the support that the Union government has given to the state.

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“AP has a competitive advantage in sectors such as marine products and shrimps, drugs and pharmaceuticals, electronics, petroleum, engineering goods, etc. There is a clear opportunity for the state and Centre to work together in taking AP to new highs,” he said.

He added, “Our railway budget allocation for AP has increased nine times from ₹886 crore in 2014 to ₹8,406 crore now. We will be building 72 world-class railway stations in the state. AP is the only state to have three industrial corridors passing through the state. The total investment cost for Visakhapatnam smart city is ₹3,000 crore.”

Also Read: Global Investors Summit 2023: Big ticket promises made on day 1

Visakhapatnam port’s growth 

Speaking about the historic potential of Visakhapatnam as a premier port since ancient times, Minister Sarbananda Sonowal, said, “Visakhapatnam was an important port in ancient India with a rich history of trade and commerce. For thousands of years, international trade was carried on through Visakhapatnam port to western Asia and even up to Rome. And even today, Visakhapatnam remains the focal point of India’s trade.”

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Lauding the performance of the ports in Andhra Pradesh, especially the port in Visakhapatnam, he said, “As far as Visakhapatnam port is concerned, it has shown a healthy cargo growth over 7.5 percent in this financial year. There are six projects operating in Visakhapatnam port, which were awarded in January 2023 with an investment of ₹658 crore and another six hospital projects are in the pipeline with an investment potential of ₹1,250 crore. Completion of these projects will increase the port’s capacity by about 37 million tonnes per annum,” he noted.

Focused on renewable energy 

Chief Minister YS Jagan Mohan Reddy assured the delegates of continued monitoring and cooperation of the government to demonstrate the “speed of facilitating business”. He also picked renewable energy as one sector where the government is focusing its energies in.

“I wish to point out that one of the sectors into which significant investments were committed is the renewable energy sector. These proposed investments into renewable energy generation pumped storage and production of green hydrogen and green ammonia would go a long way in mitigating the intermittency associated with renewable energy and render it a credible alternative to fossil fuel-based generation. This would make a significant contribution in green energy space to India’s commitment towards achieving net zero,” said Jagan Mohan.

Also Read: AP to emerge as India hub for green energy: Jagan Mohan

Day 2’s final numbers

By the end of day two of the summit, the government signed 260 MoUs worth ₹1.17 lakh crore.

While the Agriculture Department saw 15 MoUs worth ₹1,160 crore, the Animal Husbandry Department signed eight MoUs worth ₹1,020 crore that will generate 3,750 jobs in the state.

Among the major investors, Reliance signed one MoU with an investment of ₹50,000 crore which will generate employment for 10,000 people. HPCL Energy signed an MoU with an investment of ₹14.3 crore, which will generate employment for 1,500 people. HCL Technologies signed two MoUs with an investment of ₹22 crore, which will generate employment for 5,000 people. Flipkart signed two MoUs with an investment of ₹20 crore, generating employment for 300 people.

In his concluding remarks, Jagan Mohan said, “Commensurate with the overwhelmingly positive business sentiment, we have executed 352 MoUs with an investment commitment of over ₹13,05,663 crore and employment potential of over 6,03,223 persons. In the energy sector alone, 40 MoUs have been signed worth ₹8,84,823 crore of investment that will create employment for 1,90,268 persons. In the IT & ITES sector, 56 MoUs have been signed, amounting to ₹25,587 crore of Investment and will generate employment for 1,04,442 persons. In the tourism sector, 117 MoUs have been signed for investments to the tune of ₹22,096 crore that will create employment for 30,787 persons.”

Other speakers

Linking the development of a start-up environ and the empowerment of women, Suchitra K Ella, Chairperson CII Southern Region, said, “Creating a centre of excellence for start-up ecosystems is the future and it needs an eco-system. Some states have moved ahead. CII can work on a mentoring programme and prototype development centre with the AP government.”

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“According to World Bank data, 40 percent of graduates in science are women, but we see very few women scientists. I would like to know how AP can make a positive difference and CII will be happy to work with the CM,” she emphasised.

Sergio Lee, Director and Group Head of Apache and Hilltop, showered accolades on the government’s Ease of Doing Business (EoDB) policy.

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“Apache India signed an MoU and started production in a record time of 9 months — a testament to the state’s speedy processes and approvals,” he said.

He expressed interest to invest $100 million in a footwear facility in Tirupati district, which would create employment to 10,000 people.