Economic Development Board, Government of Andhra Pradesh concludes MOUs worth 5700 crores on Day 1 of Partnership Summit, Vishakhapatnam 24th February 2018.
The Partnership Summit meet organized by the Government of Andhra Pradesh and Confederation of Indian Industry promises substantial spur in the State Investment Scenario with investors committing their support for the Sunrise state.
The Andhra Pradesh Economic Development Board chaired by the Honorable Chief Minister Mr. Nara Chandrababu Naidu works to accelerate the inclusive economic growth of Andhra Pradesh. The board works as the nodal agency to act as a catalyst to facilitate economic growth, investment climate, reforms, and competitiveness in Andhra Pradesh.
The Andhra Pradesh Economic Development Board was specifically set up by the Chief Minister to promote investments in the state is working closely with the industry to facilitate strategic investment planning as well as Mobilization of resources supplementing public and private investment. The Economic Development Board CEO, Mr. Krishna Kishore, (IRS) confirmed that the Board is expecting to sign MOUs worth over 1.2 Lakhs over the next 3 days during the Summit in Vishakhapatnam.
During day one of the Summit today, the Andhra Pradesh Economic Development Board signed MOUs worth over 6400 crores. The focus of these MOUs for day one was Automotive and Tourism Sector. With some key policies on the anvil such as the Electric Vehicle Policy as well as major investments such as Kia Motors announcing their foray in the State, auto sector certainly seems to be leading in the Sunrise State. Economic Development Board confirmed Auto sector MOUs worth over 5700 crores and Tourism sector saw investments of over 70 crores. These MOUs are expected to generate over 2700 employment.
Some of the Key MOUs as confirmed by Mr Krishna Kishore, CEO, Andhra Pradesh Economic Development Board are JBM Group, Sun Mobility, Synergies Castings, Gayam Motor Works, Daeha Company Ltd.; Nellore Electric Vehicles, Smart-E, ANI technologies of Ola, JRG Automotive, Anusham Industries, Camco Constructions and Vajra hospitality LLP.
A Joint MoU between Society of Indian Automobile Manufacturers, Automotive Components Manufacturers Association of India and the Andhra Pradesh Economic Development Board was also signed to promote manufacturing of automobile and auto components in the State of Andhra Pradesh.
This Joint MoU has been initiated with the support and guidance of Mr Suresh Prabhu the Hon'ble Commerce and Industry Minister, Government of India.
Andhra Pradesh has been witnessing tremendous growth in the automotive and auto components segment and has received investments worth 3.7 billion dollars in the last three years. This Joint MoU is expected to further enhance the strong existing ecosystem of automobile and auto components segment in Andhra Pradesh.
Over the next 3 days, the Partnership Summit is expected to see MOUs bring huge investment impetus to the state. The Summit will witness participation of over 14 trade Ministers and delegates from over 60 countries, and 8 sectoral sessions, the Summit will also have country focused sessions on Korea and Japan.