Partnership Summit attracted over Rs 13 lakh crore investment pledges: Andhra CM

Visakhapatnam, Nov 15 (PTI) Andhra Pradesh Chief Minister N Chandrababu Naidu on Saturday said that over Rs 13 lakh crore investment pledges were made during the 30th CII Partnership Summit here, which are expected to create over 16 lakh jobs.

Addressing a press conference to summarise the results of the two-day summit, the chief minister noted that industrialists made it a big hit by entering into 613 agreements.

"We have signed nearly 640 MoUs that commit Rs 13.2 lakh crore investment. Potential employment generation is around 16.3 lakh jobs," said Naidu.

Observing that 12 sectors attracted these investment pledges, Naidu said the energy sector led the way by attracting investment pledges to the tune of over Rs 5.3 lakh crore, followed by industries sector (Rs 2.8 lakh crore) and infrastructure (Rs 2 lakh crore), among others.

Naidu said the government will strive to realise these investment pledges 100 percent.

Andhra Pradesh shifting gears from ease of doing business to speed of doing business and instilled confidence in investors, Naidu said and added that the Singapore government came forward to share its best practices.

Besides inking deals, Naidu said the summit also gave importance to brainstorming and deliberations to share knowledge.

Alleging that the erstwhile YSRCP government had forced companies to go defunct, Naidu said that his government is offering them escrow account facilities with 'sovereign guarantee' to create confidence.

The CM set the target of attracting USD 500 billion worth investments in five years and USD 1 trillion worth investments in 10 years.

He said the state has opened up all the sectors for investment keeping in mind that some jobs may be lost in the IT sector.

Naidu said the state is focusing on high end technology, deep technology, quantum computing, Artificial Intelligence and others going forward.

Meanwhile, IT Minister Nara Lokesh said the government will touch base with past investment pledges as well, irrespective of whether they were forged under the NDA alliance government or another government.

The chief minister highlighted that investments are a continuous process and added that the government is fixing the date of inauguration after entering into a Memorandum of Understanding.

He said meticulous planning and follow-up is being done by the government and noted that investors are arriving in the state as interference is less.

Further, Naidu asserted that Visakhapatnam Steel Plant will not be privatised and reminded that Rs 12,000 crore funds were infused into it.

Highlighting that he had forgone the plant's water bills and other charges, Naidu said Rs 2,000 crore worth power bills were converted into equity and promised to take quarterly reviews on its performance. PTI STH ADB