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  • Andhra Pradesh CM YS Jagan Mohan Reddy chairs meeting on the implementation of MOUs from Global Investors Summit held at Visakhapatnam

    Published on June 5, 2023

    Amaravati, Andhra Pradesh Andhra Pradesh Chief Minister YS Jagan Mohan Reddy chaired a review meeting with various departments to examine the status of MOUs that were signed during this year’s Global Investors Summit, which took place in Visakhapatnam on March 3-4. A total of 387 MOUs, involving the departments of business, energy, information technology, tourism, and agriculture and animal husbandry, have been inked. These MOUs, with a combined investment of Rs. 13,12,120 Cr are anticipated to create 6,05,733 job opportunities.

    Industries and Commerce

    Out of the 387 MOUs that were signed at the Global Investors Summit, 100 MOUs were inked from the industries department. 100 MOUs were signed, totaling Rs. 3,38,706 crore investments and creating employment for 2,27,609 individuals. Out of which, 13 of have already been materialized, investments of Rs.2,739 crores have been made and 6,858 jobs have been created. According to officials, 38 companies will begin their projects before January 2024, while another 30 companies will finish their projects and begin production by March 2024. The CM was instructed to make sure that all projects negotiated by global investors get underway by February 2024.

    Under the State Investment Promotion Board SIPB, there are a total of 59 total projects approved. Under which the industries department has approved 29 projects. Four projects are prepared for groundbreaking while 5 have already started production.

    – According to officials, the state’s industrial sector now accounts for almost Rs. 13 lakh crore of the GDSDP, an increase of 23% from the previous 21%.

    – Currently there are 124 large scale industries established in Andhra Pradesh, with around Rs. 67,000 Cr investments, generating employment to 84,000 people. Under MSMEs, there are a total of 2 lakh MSMEs with Rs. 24,000 Cr investment and generating 13 lakh employment opportunities.

    -Officials disclosed that investments of Rs. 45,217 Cr have been received between January and December 2022.

    – Officials noted that in 2022-23, products worth Rs.1.6 lakh crore were exported from the state.

    “Primary focus on MSMEs, specifically on the state’s exports of various products to other countries” – CM Jagan

    The Chief Minister stepped in and urged the officials to prioritize more on the MSME sector. According to the CM, MSMEs will expand when given effective district-level guidance, determining the products and the marketplace for them, and eventually providing financial backing. There is also a necessity to connect with the global market sector. The necessity for a distinct MSMEs division within the industries department has been highlighted by CM in order to monitor and prioritize MSMEs. He further added “Multinational buyback, Multinational exports should be the prime focus under MSMEs hubs,” CM said.

    The Chief Minister also emphasized the need to focus on skilling. Create value for a degree and a credentials that is recognized globally, advised CM. “Go for certified certification with approved countries and establish connections through the skill hubs.”

    Energy Department

    There have been 25 MoUs inked, bringing in a total of Rs. 7,69,815 Crore in investment and the potential for 1,07,850 jobs in the state. A total of 8 projects have been approved by SIPB and work shall commence on 4 more projects. Officials added that agreements for 20 power projects were inked with the state government prior to the GIS, of which 6 projects would soon begin and 11 DPRs have been finished. Officials revealed that Rs. 8.85 lakh crores of investment will come through these projects and 1,29,650 people will receive job opportunities.

    IT Department

    The officials briefed CM on the MOUs in the area of IT sector that were inked at the Global Investors Summit. A total of 88 contracts for IT-based services were made, the officials highlighted that the total value of these contracts was Rs. 44,963 Cr. 85% of these MOUs are under construction phase. Additionally, it has been disclosed that investments totaling about Rs. 38,573 crores have come to fruition.

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