'Sri City turns favourite investment destination'

Tirupati: The integrated business city, Sri City has continued to be the preferred destination of industrialists during the two-day Global Investors Summit (GIS)-2023 held at Visakhapatnam.It attracted new investments and virtual inaugurations totalling Rs 7,075 crore pertaining to Sri City. While 14 of the existing industrial units want to go for plant expansion, five companies propose to set up their units.

Of the 14 companies that were virtually inaugurated by Chief Minister YS Jagan Mohan Reddy, seven companies are in Sri City. Commenting on the signing of MOUs, Sri City MD Ravindra Sannareddy told Hans India that with the encouragement and guidance being extended by the state government, Sri City emerges as one of the most preferred investment destinations. He said it would boost local manufacturing which in turn will give an impetus to creation of jobs and will put the economy of the region on a fast track.

The need of the hour is creating employment in the region and it was happy to note that all these companies would provide direct employment for many people, he said. The notable among the inaugurated firms were Kimberly Clark and Blue Star. Daikin. It now wants to invest in skill development. The investing Companies in Sri City are mostly from Japan, the United States, United Arab Emirates, South Korea, Germany and India. They represent different sectors ranging from light engineering, formulations, non-woven textiles to FMCG-Consumer Durables.