Multiple Andhra Pradesh GIS investments pledges translate into investments

Thirteen agreements out of 387 signed during the Global Investors Summit GIS in Andhra Pradesh by the trade and investment department have translated into investments worth Rs 2,739 crore, creating employment for 6,858 people, senior state government officials apprised Chief Minister Y S Jagan Mohan Reddy on Monday.The CM was chairing a meeting reviewing the state of investment pledges made during the GIS in March.

Thirteen agreements out of 387 signed during the Global Investors Summit (GIS) in Andhra Pradesh by the trade and investment department have translated into investments worth Rs 2,739 crore, creating employment for 6,858 people, senior state government officials apprised Chief Minister Y S Jagan Mohan Reddy on Monday.

The CM was chairing a meeting reviewing the state of investment pledges made during the GIS in March. ''Ensure that all companies which signed MoUs (agreements) would begin work by February 2024,'' the chief minister was quoted as telling the officials in a press note shared by the state government on Monday, when officials told him that 38 of these companies will begin work before January 2024 and 30 more by March 2024.

Likewise, out of 25 agreements signed in the energy sector, officials informed Reddy that eight were awaiting clearance from the State Investment Promotion Board while detailed project reports (DPRs) were getting ready for another eight, including four projects commencing work soon. Investment pledges from Information Technology (IT) companies during the GIS are bringing in investments worth Rs 38,573 crore, out of 88 agreements pledging Rs 44,963 crore. Some of these companies are about to start operations. Further, Reddy directed officials to work towards translating agreements signed in the food processing sector at the earliest to help the tomato and onion farmers. Andhra Pradesh inked investment pledges worth over Rs 13 lakh crore in March in the port city of Visakhapatnam. In addition to details about investment pledges, the officials also informed the CM that the southern state's exports rose from 1.43 lakh crore in 2021-22 to 1.6 lakh crore in 2022-23.