Andhra offers 48,352 acres of land bank for industrial development

Bengaluru, Feb (IANS) Andhra Pradesh has showcased its rich natural resources, large investments in infrastructure, land bank, and intensive reforms in rules and regulations at the investors' meeting held on Tuesday in Bengaluru.

The event is one of many such meets being organised in the run-up to the Global Investors Summit on March 3-4 in Visakhapatnam, a statement noted.

Andhra Pradesh's Investors Meet in Bengaluru, held ahead of its "Global Investors Summit 2023," offers 48,352 acres of land bank for industrial development, as well as ready-built infrastructure to shorten the time required to set up new facilities, according to a release.

Speaking on the occasion, Gudivada Amarnath, Minister for Industries, Infrastructure, Investment and Commerce, IT, Handlooms and Textiles highlighted the export potential of Andhra Pradesh.

The Minister said: "According to the LEADS Report 2022, the state's exports increased by 15.31 per cent from the previous year in 2021-2022, classifying it as 'Achievers' in the coastal states. With the completion of new ports and also further development of infrastructure for last-mile connectivity, the state's share in exports can reach up to 10 per cent of India's total exports."

Addressing the investors, Buggana Rajendranath, Minister for Finance, Planning, Commercial Taxes, Skill Development, Training and Legislative Affairs, assured the investors of the fast-paced implementation of projects in the state.

"We strongly believe reducing the time to start a business will have a significant impact on the manufacturer's profitability. The state is building numerous plug-and-play facilities which will have ready-built factory sheds with quality power and water supply and help speed up the setting up of manufacturing units," said the minister.

Amarnath added that in the last three-and-a-half years, the state has approved investments to the tune of Rs 1.9 lakh crore.

"That would go on to create employment for around 90,000 people in the state in the future," he said.

Key functionaries from various departments, ministries, and state government institutions had open interaction with the investing community in Bengaluru.

Manufacturing, food processing, ports, IT and Electronics, handlooms, and textiles sectors attracted significant interest at the event.