The Andhra Pradesh govt targets to sign 280 MoUs in different sector and is hoping to generate an investment of Rs2.51 trillion through the Sunrise AP Investment Meet
Hyderabad: The third edition of the Sunrise Andhra Pradesh Investment Meet 2018 will be held at Visakhapatnam from 24 to 26 February. Through the summit, the state government expects to sign a targeted 280 memorandums of understanding (MoUs) this year in different sectors, and is hoping to generate an investment of Rs2.51 trillion.
Prior to this, through the last two summits in Andhra Pradesh, the state government managed to sign 876 MoUs with various companies and got a committed investment of Rs11.10 trillion. A projected employment of about 2.2 million is expected to be generated through those projects. The numbers were discussed and shown to Andhra Pradesh chief minister N. Chandrababu Naidu earlier this month at Amaravati.
The estimations for this year were reportedly based on interest shown by corporate companies so far. According to data provided from the chief minister’s office, Andhra Pradesh has attracted 1,817 projects with a total committed investment of Rs14.89 trillion to employ 3.33 million people over the last three and a half years.
Out of the total 1,817 projects, 876 MoUs were signed in the summits of 2016 (290) and 2017 (586), of which civil works have commenced for 306 of the projects in the state, while 570 projects are still in various stages of approvals for commencement of work.
Through the summit, the state government also expects to draw investment in its upcoming capital of Amaravati, said a senior government official, who did not want to be identified. This year, the state is hoping to sign MoUs with industrial companies like Mytrah Energy (India) Pvt. Ltd, Shapoorji Pallonji Group and Pidilite Industries Ltd. It is expected that industries in Andhra Pradesh will draw an investment of Rs30,000 crore through the summit.