Andhra Pradesh secures ₹9.88 lakh crore investment commitments at CII Partnership Summit in Vizag

Vice-President C.P. Radhakrishnan, Andhra Pradesh Governor Syed Abdul Nazeer, Union Ministers K. Rammohan Naidu, Pralhad Joshi, Chief Minister N. Chandrababu Naidu and HRD Minister Nara Lokesh during the valedictory of the 31st CII Partnership Summit in Visakhapatnam on Friday.

The Andhra Pradesh government would implement the Investment Protection Act with retrospective effect from 2024 and initiate the provision of clearances to industries in real time based on self-certification to encourage investors, Chief Minister N. Chandrababu Naidu has said, adding that the proposed law would be passed in the coming session of the Legislative Assembly.

Addressing the media after the valedictory of the 31st CII Partnership Summit here on Friday, Mr. Naidu said there was a pressing need for good governance and that investors needed to be reassured about the safety of their investments in the event of a regime change. This was “keeping in view the ruin caused between 2019 and 2024”, which aggravated the impact of State bifurcation.

The government would be liberal in facilitating businesses, but not be lenient in ensuring accountability for the support being availed, Mr. Naidu said, noting that while mobilising investments with due sense of urgency, it was ensuring that they would take tangible shape as per the committed timelines.

Besides, the compliance burden was being reduced to make doing business far more easier. Due focus was being laid on making the agriculture sector resilient, as the government could not afford to lay the whole emphasis on the industrial sector only. Both sectors are crucial to increase the Gross State Domestic Product, he said.

The Chief Minister said that the State attracted investments of nearly ₹9.88 lakh crore through 303 MoUs during the current edition of the CII Partnership Summit and that they have the potential to generate approximately 3,49 lakh jobs across sectors. The cumulative investments that were tied up since June 2024 has reached ₹32.49 lakh crore.

“Andhra Pradesh is hogging the limelight, with its distinct advantages for investors and the potential of the three economic regions of Amaravati, Tirupati and Visakhapatnam,” he said.

The government was extending all possible support for businesses in emerging sectors to thrive, and a priority has been accorded to development of the space sector around India’s only spaceport at Sriharikota, he said.

Union Civil Aviation Minister K. Rammohan Naidu; MPs T. Krishna Prasad and M. Sribharat; Ministers T.G. Bharat, K. Atchannaidu, P. Narayana, Kollu Ravindra, Kondapalli Srinivas, Kolusu Parthasarathy and Satya Kumar Yadav were present.