Andhra Pradesh is making extensive efforts to attract investors ahead of the Global Investment Summit (GIS) 2023, with a focus on sectors like green energy, electronics, pharmaceuticals, and automobiles, alongside innovation, start-ups and a fast-track mechanism that guarantees industry approvals within 21 days.
To achieve this, the southern state has consolidated 96 different services across 24 government departments on a single platform. The state government said it will help corporate investors throughout their investment journey.
The summit, ‘Advantage Andhra Pradesh—Where Abundance meets Prosperity’, takes place on March 3-4 in Visakhapatnam and is expected to attract investors from over 40 countries, including China and the US. The state government has identified 13 focus sectors for investment opportunities, while the summit will feature discussions on India's modern economy, sustainable development, and the country's tech and electric vehicle revolution, among other topics.
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The sectors in focus during the summit include aerospace and defence, agriculture and food processing, automobile and electric vehicles, electronics and IT, healthcare and medical equipment, industrial and logistics infrastructure, start-ups, petroleum and petrochemicals, pharmaceuticals and life sciences, renewable energy, skill development and education, textiles and apparel, and hospitality.
Andhra Pradesh has consistently ranked no. 1 in the Ease of Doing Business for the last three years, a feat that is significant as the survey is based on stakeholder feedback. It has also achieved impressive economic growth, with the highest double-digit Gross State Domestic Product (GSDP) growth rate in the country in 2021-22 at 11.43 percent.
With 974 km of coastline, the second longest in the country, and six existing ports, as well as four upcoming ports, Andhra Pradesh has maritime infrastructure that serves as India's gateway to the southeast.
According to the 2020-21 Economic Survey in the state, the agriculture and services segment contributed Rs 1.92 lakh crore and Rs 2.42 lakh crore to the GSDP, respectively. The industry segment lagged behind and contributed Rs 1.57 lakh crore. The tourism sector, manufacturing sector, fishing, horticulture and livestock sectors were among the biggest contributors to the state’s economy.
The Andhra Pradesh government has taken many steps to improve the ease of doing business in the state. The government has also been pooling massive amounts of money to improve logistics and infrastructure around the state, particularly through improvements of waterways and increasing connectivity via air travel. Andhra Pradesh is the 8th largest state in terms of its GSDP and the state is the 10th largest in the country in terms of population.
(Edited by : Sudarsanan Mani)
First Published: Mar 2, 2023 11:36 AM IST
