Tech giants ready to invest in AP

Amaravati: Chief Minister N Chandrababu Naidu in his three-day visit of Singapore has been successful in getting commitment for investment in Andhra Pradesh from quite a number of companies even as the state has been ranked No 1 in ease of doing business among all states in India.

Naidu, while in Singapore, made a serious effort in building a brand for Amaravati and Andhra Pradesh at the five-day World Cities Summit.  Impressed with the presentations of the Chief Minister on the opportunities available in the state, world technology giants expressed their interest to enter into a tie-up with Andhra Pradesh and set up their units. 

Asian Infrastructure Investment bank (AIIB) director general of investment operations Pang Yee Ean said they are willing to work with AP to develop roads, water supply, irrigation and electricity sectors. They announced this on the inaugural of the World Cities Summit on July 8. Lodha Group CEO Abhishek Mangal Prabhat Lodha came forward to invest in malls and entertainment sectors in Amaravati. 

Naidu invited the Fotescue Metals Group of Australia to set up steel plant in Kadapa. It may be noted that the Fotescue group has come forward to set up a floating storage degasification unit and lithium battery manufacturing unit in AP.

In addition, the SMH Rail of Malaysia and the Royal Holdings of Singapore expressed readiness to invest in metro rail, manufacturing, infrastructure, entertainment and housing sectors. 

The Eli Hajaj Group expressed interest to set up aero hub in AP to produce 75 per cent of aircraft components and appealed to the Chief Minister to allot land. The group promised to start production within six months after allotment of land. The Dassaults Systems explained about its plans to reduce day temperature in Amaravati capital region.

On the second day of the tour, an MoU was signed between Asia Competitiveness Institute-Lee Kuan Yew School of Public policy and Government of Andhra Pradesh in capacity building and to introduce high standards in latest technology. Participating in a panel discussion on `Urbanisation-water, environment and Transport management’, the visiting Chief Minister said Amaravati would be developed as a blend of technology, innovation and culture.

On the concluding day of the tour on Tuesday at a meeting with Singapore Finance Minister Hung Swee Keat, Naidu said they were planning to increase usage of technology to serve the people better. He said Singapore has financial strength and AP has skilled manpower. 

The Chief Minister said AP is ready to associate with Singapore in skill development initiative. Showering praises on the Chief Minister as an able administrator, the Singapore Finance Minister said that they are happy to collaborate with AP.