AP CM lays stone for Med Tech Zone

Visakhapatnam: Chief Minister N Chandrababu Naidu laid foundation stone for the AP Med Tech Zone at Pedagantyada area on the outskirts of the city on Friday. The facility which will come up in 270 acres is likely to become operational in a year.

Speaking at the AP Med Tech Investors meet, after laying the foundation stone, the Chief Minister said it took him just seven and a half months after a discussion on Med Tech Zone in the Cabinet meet on November 6, 2015, to ground the prestigious project, which will be developed under public–private partnership (PPP) mode.

He said that about 80 per cent of medical equipment in the country is being imported from foreign countries by spending valuable foreign exchange. He said once the Med Tech Zone becomes operational, the medical equipment costs will come down by 40 per cent. Naidu said that already 40 companies have given expression of interest before laying of foundation stone.

Around 200 companies would come up in the park and create employment to over 25,000 youth. We are expecting a turnover of Rs 25,000 to Rs 30,000 crore per year," Naidu said.

Explaining the rail, road and air transportation facilities for Visakhapatnam, the Chief Minister promised to provide all facilities for the companies and their employees including houses, medical and others.

Meanwhile, investors stressed the need for creating brand image for the medical equipments as well as providing good software. They also sought a plastic industry and electrical components market place.

Responding to the pleas of investors, Naidu told them to use plastic industries at Amaravati till then and assured them of chalking out a plan to set up electrical components market place. He said that the government would link startups with these companies for the benefit of young entrepreneurs.

Health Minister Kamineni Srinivas, HRD Minister Ganta Srinivasa Rao and Principal Secretary, Medical and Health, Poonam Malakondaiah were present.