Andhra Pradesh eyes USD 1 trn investment target, to sign USD 120 bn deals at Vizag summit

New Delhi, Nov 12 (PTI) Setting an ambitious target, Andhra Pradesh is eyeing USD 1 trillion in global and domestic investments in five years as it looks to position itself as a major industrial hub, state minister Nara Lokesh said on Wednesday.

Speaking at a press conference ahead of the CII Partnership Summit in Visakhapatnam, the minister for education and information technology said the state has already attracted USD 120 billion in investments over the past 16 months.

"These are not symbolic MoUs. They represent real, on-ground projects that are creating employment and transforming regional economies," Lokesh said, emphasising the state's focus on job creation.

The government aims to create 2 million jobs over five years, he added.

The two-day CII Partnership Summit, scheduled for November 14-15 in Visakhapatnam, will see 410 investment agreements worth USD 120 billion being formalised.

These projects are expected to generate about 7.5 lakh employment opportunities. Additionally, groundbreaking ceremonies for projects valued at Rs 2.7 lakh crore will be conducted.

Lokesh highlighted several marquee investments that underline growing investor confidence in the state.

ArcelorMittal, India's largest steel producer, chose Andhra Pradesh after a single virtual meeting. Google selected Visakhapatnam for its largest foreign direct investment in India -- the Google Data City.

BPCL is establishing a Rs 1 lakh crore refinery project, while NTPC is developing a Rs 1.65 lakh crore green hydrogen hub. Five of India's top-10 solar manufacturing companies have also selected Andhra Pradesh as their base.

The minister attributed the investment momentum to what he called the state's "Speed of Doing Business" model.

"In today's economy, agility is everything. Even a month's delay can alter an entire investment plan. We ensure projects move from intent to implementation at record pace," he said.

This framework has attracted major firms such as TCS and Cognizant, reinforcing the state's appeal across IT, manufacturing, hospitality and tourism sectors.

Andhra Pradesh, one of the first Indian states to officially recognise tourism as an industry, aims to add 50,000 hotel rooms in the next three years, Lokesh said.

Outlining the state's strengths, he said, "First, our speed and regulatory efficiency; second, experienced and visionary leadership under Chief Minister N Chandrababu Naidu; and third, excellence in governance." The minister said Andhra Pradesh operates as a "double-engine bullet-train government" under the leadership of Naidu and Prime Minister Narendra Modi. "Aligned with India's Viksit Bharat vision, we aim to transform Andhra Pradesh into a USD 2.4 trillion economy by 2047," he said.

The CII Partnership Summit will serve as an international platform for collaboration among investors, industry leaders and policymakers. Discussions will explore emerging opportunities in quantum technologies, artificial intelligence and materials science.

The summit will feature 48 sessions, including a plenary, 27 technical discussions and 11 state-specific forums. More than 300 delegates from 45 countries, including representatives from G20 member nations and 12 international organisations, are expected to participate.

Concluding his address, Lokesh said, "Healthy competition among Indian states fuels national progress. Our Chief Minister's vision is clear -- to attract USD 1 trillion in investments and position Andhra Pradesh as a global hub for sustainable industrial development." PTI LUX TRB