Several MoUs signed at Global Investors Summit materialising, says Jagan

The officials also revealed that an additional 38 companies are expected to commence operations in Andhra Pradesh by January 2024, with 30 more companies following suit by March 2024.

The Andhra Pradesh government announced significant progress on various projects initiated through memorandum of understanding (MoUs) signed during the Global Investors’ Summit (GIS) held earlier this year.

These projects will bring ₹8.85 trillion investments, resulting in employment to 129,650 people (PTI)

In a review meeting chaired by chief minister Y S Jagan Mohan Reddy at his camp office, the officials disclosed that out of the 387 MoUs signed at the GIS, 100 were signed by the trade and industry department. Of them, 13 MoUs were translated into action, bringing in investments to the tune of ₹2,739 crore, creating employment for 6,858 people.

The officials also revealed that an additional 38 companies are expected to commence operations in Andhra Pradesh by January 2024, with 30 more companies following suit by March 2024.

“The chief minister insisted that all the companies which signed MoUs should begin work by February 2024,” an official statement from the chief minister’s office (CMO) said.

In the energy sector, out of the 25 MoUs signed at the GIS, eight projects are awaiting clearance from the State Investment Promotion Board (SIPB). Detailed project reports (DPRs) are being prepared for another eight projects, while work on four projects would commence soon.

Furthermore, 20 MoUs in the energy sector were signed before the GIS. Of these, work on six projects is expected to begin soon, while DPRs are ready for another 11 projects.

“These projects will bring ₹8.85 trillion investments, resulting in employment to 129,650 persons,” the statement said, quoting officials.

Regarding information technology and IT-enabled projects, 88 MoUs worth ₹44,963 crores were signed during the GIS, with investments worth ₹38,573 crore already materializing and companies gearing up to start their operations.

“The chief minister asked the officials to work hard and make Visakhapatnam the IT hub of Andhra Pradesh,” the statement said.

Recognizing the crucial role played by micro, small, and medium enterprises (MSMEs) in the state’s growth, the chief minister instructed officials to take prompt measures in supporting these enterprises, from manufacturing to global marketing of their products.

He directed that the officials identify the products having global demand, state-of-the-art technology needed for the small enterprises to produce such products, and the ways to market them by tie-ups with MNCs.

The officials told Jagan that the state achieved excellent progress, with the growth rate in the industrial sector reaching 11.43% in 2021-22 from 5.36% in 2019.

The exports from the state also went up to ₹1.6 trillion in 2022-23 from ₹1.43 trillion in 2021-22.

IT and industries minister Gudivada Amarnath, chief secretary Dr K S Jawahar Reddy, special chief secretaries R Karikal Valaven (industries and commerce), K Vijayanand (energy), Dr Rajat Bhargava (revenue) and Gopalakrishna Dwivedi (agriculture), Principal Secretary Chiranjeevi Choudary (marketing and cooperation) and others participated in the review meeting.