AP has abundant resources for industrial growth: Buggana

Vijayawada/Mumbai: Andhra Pradesh is ideal for business and establishing industries with all favourable features, said Finance Minister Buggana Rajendranath Reddy on Monday at a Mumbai roadshow in the run-up to the forthcoming Global Investors Summit (GIS), scheduled to be held on March 3 and 4 in Visakhapatnam.

Aimed at wooing investors to the State and the Investors' Summit, the Finance Minister exhorted that no amount of reading or listening will beat personal experience.

"AP has all the features needed for business and establishing industries. Excellent officials and highly experienced professionals will assist you. Enthusiastic, efficient and patient young officers and leaders are at your disposal," said Reddy.

Further, he highlighted that AP is home for doing business in an inexpensive way and also offers the strength of ease of doing business.

"AP is blessed with electricity, water, land, natural resources and a stable government. All kinds of development have some limits but AP has limitless opportunities," he said.

The Minister said AP has adequate port-led facilities and infrastructure, and he listed out ample opportunities for investments in automobile, IT, handloom, textile, healthcare, petrochemicals and medical equipment manufacturing sectors.

He said the State has laid a special emphasis on navigable waterways, including setting up a target of building 27 terminals by 2029. Besides these strengths, Reddy said the State has a large coastline, fishing harbours, ports and other marine facilities.

"AP is bestowed with crucial pharmaceutical manufacturing facilities. There are four electronics manufacturing clusters in the State," he noted.

According to the Minister, development expansion in large cities such as Chennai, Hyderabad and Bengaluru will look towards neighbouring Andhra Pradesh.

To further drive home the message, the Minister cited data from the Department for Promotion of Industry and Internal Trade (DPIIT), which highlighted that AP received investments worth Rs 45,000 crore last year. Reddy asserted that AP's share was rising in India's GDP, including registering a 10 per cent share in India's exports growth rate. Pointing to the large talent pool in the State, the Finance Minister said the youth in AP are skilled, industrious and are team players. (PTI)