New Andhra export promotion policy aims to double the exports by 2030

Amaravati, May 12 (PTI): The Andhra Pradesh Cabinet on Thursday approved the AP Export Promotion Policy 2022-27 to establish the state as a leading export hub in the country and achieve exports of Rs 3.5 lakh crore per annum in the next five years.

Value of exports of various products from AP is now Rs 1.70 lakh crore in 2021-22.

The new policy was also aimed at creating employment opportunities to five lakh people, a top official of the Industries Department said.

“In 2018-19, AP accounted for 14.1 billion USD worth exports, which grew to 16.8 billion USD in 2020-21. Our aim is to double the exports by 2030,” the official said.

That would also take the state’s share from 5.8 per cent to 10 per cent in national exports by 2030.

AP’s ‘export basket’ consists of marine products (15 per cent), ship and boat structures (8.4 per cent), drug formulation (7.3 per cent), iron and steel (7.4 per cent), rice (4.6 per cent) and residual chemicals (3.6 per cent), according to government data.

USA and Canada are the main countries to which AP products are exported (29 per cent), followed by ASEAN countries like Singapore, Indonesia and Vietnam (21 per cent).

Through the new policy, the state will seek not only to sustain its leadership in marine products and pharmaceuticals but also find new markets for mineral fuels and organic chemicals, as also mechanical appliances, apparel and clothing accessories.

The Cabinet also approved the AP Logistics Policy 2022-27 “to connect and integrate different modes of transport for seamless and efficient shipment” of various commodities.

“We aim to create business-friendly processes and services to ensure efficiency to save critical time and money,” the official noted.

The state is now in the process of developing three major greenfield ports at different locations to increase cargo handling capacity from 254 to 326 million tonnes by 2025.

Four new Inland Container Depots and 15 Container Freight Stations will be established while other logistics infrastructure like cold storages and warehouses will also be set up to enhance storage capacity to 560 million tonnes per annum.