Chief Minister N Chandrababu Naidu is revamping the AP Economic Development Board to attract investments to the state.
Published Sep 21, 2024 | 11:30 AM ⚊ Updated Sep 21, 2024 | 11:30 AM
Andhra Pradesh plans to hire professionals from various sectors to liaise with potential investors. (iStock)
In a bid to fast-track investments in the state and tackle unemployment, Andhra Pradesh Chief Minister N Chandrababu Naidu is revamping the AP Economic Development Board (APEDB) that has remained inactive during the five-year YSRCP rule.
The government is now planning to have professional teams to persuade potential investors to invest in Andhra Pradesh.
Speaking to South First on Thursday, 19 September, APEDB’s Chief Executive Officer CM Saikanth Varma said the board is now ready to attract investments to Andhra Pradesh. The APEDB — a single point of contact for investments — has a 12-member team to liaise with investors.
Ever since assuming power in the reorganised Andhra Pradesh for a second time in June 2024, Naidu has been according to top priority to the promotion of industries.
IT, Electronics, and Human Resource Development Minister N Lokesh recently invited professionals in various sectors to join the state in its efforts to attract investments to create employment and infuse new vigour into the state’s economy.
In August, Naidu announced Tata Sons Chairman Natarajan Chandrasekharan as the co-chair of the task force for Andhra’s economic development. Though it is unclear at this stage where the APEDB fits in the overall scheme of the task force, both are expected to be complementary to each other in attracting investments.
Despite being in existence since 2018, APEDB it has not yet played an important role. When established, APEDB was the first of its kind in the country.
“It has done some good work. The members of the team were able to meet a lot of people. They made a beginning in introducing AP to investors and got their attention to the opportunities the state offers. After the advent of the YSRCP government, it became defunct,” former chief secretary LV Subrahmanyam said.
“APEDB acts like a facilitator. We introduce AP to prospective investors and explain how they would benefit by investing in the state. We reach out to different investors and match requirements with the availability of resources in AP. We explain to them what we have,” Varma said.
APEDB is looking to attract talent that could work for the state. It is looking forward to hiring on a contract basis those who have passed out of reputed management institutions, and experienced sector-specific experts. The hiring cannot be labelled lateral entry since they are not being absorbed into the government service. They are a para-government workforce.
An official said the investment promotion teams would supplement the efforts of the governments in trying to package the state as an attractive investment destination.
“Deploying government officials for this purpose has limitations. The government cannot pay even one rupee more than what they get as a regular salary without attracting audit objections. Though it is not yet clear how much the government is offering to those who want to join forces with the government to spur industrial growth. They have to be adequately paid. The process has begun,” he said, requesting anonymity.
AP Chamber of Commerce and Industry President Potluri Bhaskara Rao felt hiring professionals and experts would improve the industrial climate in the state.
“APEDB was created to deploy highly qualified teams to meet big industrialists and convince them that it is a win-win situation for both the state and for them if they invested in AP. They were to focus on attracting large investments,” he said.
Rao added that highly qualified management graduates would have the drive, initiative, and ease in communicating and convincing top industrialists about the benefits of investing in Andhra Pradesh.
Meanwhile, Minister Lokesh urged experts to join the state’s efforts to drive investments.
“Thirty years ago, @ncbn garu saw the opportunity to develop a world-class IT ecosystem in Hyderabad. By identifying this opportunity early and inspiring a team with his vision, he brought the world’s largest corporates to make investments in Hyderabad and make it a global IT / ITES powerhouse,” he said on X.
“Once again, Andhra Pradesh is at the cusp of history, with global majors looking to establish large manufacturing and services complexes here. We are developing a framework to take advantage of our best-in-class infrastructure and high-quality manpower and welcome investors to the state.
We invite the best talent to join us at the Andhra Pradesh Economic Development Board (APEDB) in this journey to develop AP as India’s premier investor-friendly destination,” Lokesh added.
(Edited by Majnu Babu).
