Home >Politics >Policy >Andhra Pradesh signs MoUs for Rs4.39 trillion of investments

Hyderabad: Exceeding expectations, the Andhra Pradesh government signed 734 memoranda of understanding (MoUs) involving investments of about Rs4.39 trillion, at the three-day Sunrise AP Investment Summit 2018 which ended on Monday.

The companies that signed MoUs included Reliance Industries Ltd, which might invest Rs50,000 crore in the digital technology and oil and gas sectors in the state.

Among the companies that signed MoUs at the event in Visakhapatnam was Adani Ports and Special Economic Zone, which inked a deal to set up a greenfield port at Bhavanapadu for Rs4,000 crore.

Ten MoUs in the aerospace and defence sectors also propose to bring in investments of Rs9,406 crore and create 6,000 new jobs.

At the summit, AP chief minister N. Chandrababu Naidu said that 59% of the promised investments through MoUs signed in the last three-and-a-half years have come in already. He was confident of the MoUs signed at this year’s summit materialising at a 90% conversion rate, said a press release quoting him on Monday.

“We want the state to be among the top three states in the country by 2022 and the number one state by 2029, not only in terms of per capita income but also happiness," Naidu told investors.

The 734 MoUs signed during the three-day summit are together expected to generate 1.1 million jobs. The state government had a target of signing 280 MoUs this year. Prior to this, through the last two summits, the government signed 876 MoUs, and got a committed investment of Rs11.10 trillion.

According to data provided by the chief minister’s office, AP has attracted 1,817 projects with a total committed investment of Rs14.89 trillion, creating 3.32 million jobs over the last three-and-a-half years (before this year’s event).

Union minister for commerce and industries Suresh Prabhu, who attended the summit, said that Andhra Pradesh has become a logical destination for industries and assured them of the centre’s support.

The summit was attended by over 4,000 delegates from 50 countries.

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