From homegrown billionaires Mukesh Ambani, Kumar Mangalam Birla, Sajjan Jindal, Sanjiv Bajaj and Karan Adani to global tech honchos like Tesla Inc co-founder Martin Eberhard, Visakhapatnam in Andhra Pradesh will host at least 4,800 delegates from some 25 countries at its ambitious Global Investors Summit (GIS) on 3 and 4 March.
This is the first investors’ summit which is being held after the YSRCP came to power in 2019.
With Lok Sabha and Assembly elections barely 14 months away and in the wake of the flak that the YSRCP government was ignoring development by focusing only on the welfare agenda for obvious political reasons, the GIS is being seen as a major shift by Chief Minister YS Jagan Mohan Reddy’s government.
Visiting Vizag for the Global Investors Summit on March 3rd & 4th?
Don't miss the chance to explore the natural beauty of Andhra Pradesh at our iconic beaches. We invite you to enjoy our state's stunning scenery while discovering investment opportunities #InvestInAP #AdvantageAP pic.twitter.com/2zFFXIM81q
— YSR Congress Party (@YSRCParty) March 1, 2023
Expecting ₹1.7 lakh crore investment
The government is expecting at least ₹1.7 lakh crore investments during the two-day investors’ conference, something that will blunt the attacks on its welfare focus.
“All arrangements are in place. Delegates from several countries are expected to take part in the Global Investors Summit where we are presenting ‘Advantage Andhra’ to the world,” said Industries Minister Gudivada Amarnath.
At the same time, the government would be realistic in its approach.
“We have been instructed by the chief minister to set realistic targets, unlike the previous government. We are confident that we will see big numbers by the end of the summit,” Sridhar Lanka, Industries Advisor to the Andhra Pradesh government, told South First.
Roadshows to attract investors
He said several roadshows have been held in Chennai, Bengaluru, and Mumbai to attract investors.
“We are expecting at least 90 percent of the listed guests and speakers to grace the occasion,” Lanka said.
The government has identified 14 focus areas. Apart from sectors like Automobile & Electric Vehicles, Electronic & IT, Aerospace & Defence, and Healthcare & Medical Equipment, the government is also focusing on Tourism & Hospitality, Agri & Food Processing, Skill Development & Education, Renewable Energy, MSME start-ups, and Innovation.
“With a 974 km usable coastline, the government is focusing on port-led development. Apart from this, the other major focus would be on the renewable energy sector,” Lanka said.
Expecting prominent names
Many other prominent businessmen, ambassadors and industrialists are expected to attend the summit being held at the Andhra University Engineering College Grounds in Visakhapatnam.
Union Ministers Nitin Gadkari, G Kishan Reddy, Piyush Goyal, Sarabananda Sonowal, and Rajeev Chandrasekhar have confirmed their participation and will also speak at the inaugural, said a senior official of the state Industries Department.
Both Industries Minister Amarnath and Finance Minister Buggana Rajendranth participated in the road shows held in major cities like Hyderabad, Chennai, Mumbai and Bengaluru in the run-up to the summit.
They pitched for investments in the state and invited entrepreneurs, businessmen, and industrialists to the GIS.
In one of the road shows held in Delhi, Chief Minister Jagan Mohan Reddy himself participated. A few roadshows were also held outside India.
‘Invest and be part of AP’s economic growth’
Explaining the advantages of investing in Andhra Pradesh, Jagan Mohan Reddy had called upon the nations to invest in Andhra Pradesh and be part of its economic growth through the Global Investors Summit.
Addressing the International Diplomats Alliance meet held on 31 January, the chief minister exhorted them to participate in the summit. Diplomats of various countries, company representatives, and officials of various state and central governments have participated in the diplomats’ alliance meeting.
Elaborating on the facilities and resources available in the state for industrial growth, he said that of the 11 industrial corridors being developed by the Centre across the country, Andhra Pradesh shares space for three of them — Hyderabad to Bengaluru, Visakhapatnam to Chennai, and Chennai to Bengaluru.
— Gudivada Amarnath (@gudivadaamar) February 24, 2023
Tops in Ease of Doing Business ranking
Ahead of the GIS, the chief minister also got Cabinet ratification for a plethora of investment proposals worth ₹1,40,000 crore cleared by the State Investment Promotion Board (SIPB).
The move, in the backdrop of the state achieving first rank in the Ease-of-Doing Business (EoDB) for three years in succession, as well as the state achieving a GSDP growth rate of 11.43 percent as against the country’s growth rate of 8.9 percent in 2021-22, is seen as the stepping stone for ushering in a healthy economy.
Andhra Pradesh has topped the EoDB rankings that was released in June last year.
As the fastest-growing state in the country with a GSDP of 11.43 percent, Andhra Pradesh has achieved the number one rank in EoDB and also retained it for the third successive year, the chief minister said.
Prompt clearance of industry approvals, hand-holding of investors, mapping recommendations to departments, and appointing nodal officers were taken into account for the ranking — as part of the countrywide implementation of the Business Reforms Action Plan (BRAP) prescribed by the Centre.
Apart from having a long coastline, the state has vast natural resources with 48 minerals, he said, adding that the state has a single desk portal to clear licenses in 21 days.
Preparations are in full swing in Visakhapatnam for the AP Global Investors’ Summit to be held on the 3rd and 4th of March.
I welcome everyone to come and experience the beauty and vibrancy of our Andhra Pradesh!
— YS Jagan Mohan Reddy (@ysjagan) February 27, 2023
In the top achiever category, Andhra Pradesh scored highest with 97.89 percent. Union Finance Minister Nirmala Sitharaman announced on 30 June, 2022, the assessment of States/UTs under BRAP 2020, the fifth edition of the exercise.
Andhra Pradesh, along with Gujarat, Haryana, Karnataka, Punjab, Tamil Nadu, and Telangana, was declared the “Top Achievers” based on the implementation of the plan.
He underscored the fact that the availability of various industrial clusters like textile, cement, medical, renewable energy, food and automobiles would offer plenty of opportunities for industrialists to make investments in the state and grow their businesses besides providing employment to the youth.
The state has excellent connectivity with six seaports and six airports with four more seaports to be added soon, said the chief minister, outlining that the state stands as the gateway of South East Asia due to its strategic location having the added advantage of inland waterways.
Top companies appreciate AP
CEOs of companies like Toray, Kia Motors, Cadbury, Saint Gobain and Apache spoke about the advantages of setting industries in AP and appreciated the government’s efforts in extending cooperation for them. They said that the AP is the best destination for them as it has a committed bureaucracy and political leadership.
They also watched an AV ‘Advantage Andhra Pradesh’ presented by the government on the 360 degree advantage it has in every sector. The chief minister also interacted with the participants and exchanged views freely.
A team from Andhra Pradesh led by Jagan also attended the World Economic Forum (WEF) meeting held at Davos between 22 and 26 May last year.
Besides addressing global leaders about the industrial agenda for 2030, Jagan also did a lot of networking with world industry leaders to attract investments to Andhra Pradesh.
Hon’ble AP Finance Minister @BugganaRaja & #AdvantageAP team called on #Piramal Group @PiramalGroup Chairman Shri.Ajay Piramal to invite him to the upcoming AP Global Investor Summit #APGIS2023 in #Vizag on Mar 3/4. #BuildAP #InvestInAP #YSJaganDevelopsAP @Industries_GoAP pic.twitter.com/bBLJWWmpH5
— S. Rajiv Krishna (@RajivKrishnaS) February 21, 2023
AP has the right climate for the growth of MSMEs
Andhra Pradesh’s Economic Development Board has reported a surge in the development of MSMEs (micro, small, and medium enterprises) and job creation in the state.
In the past three years, the number of MSME units has grown from 37,956 to 60,800, resulting in employment for 561,235 people, up from 404,939 in 2019. This data was shared in a statement released by the board.
“Many big investments will usually have a major part of their jobs automated. Therefore, the government is also focussing on MSME investments, which have the potential to generate numerous jobs locally,” Lanka said.
“Agri & Food Processing and Skill Development & Education are the focus sectors which have huge potential for MSME investments and job generation. This demonstrates the government’s commitment to fostering a thriving economy for all,” he said.