Info-tech

Kakinada to have incubation centre, smart city innovation hub

V Rishi Kumar Hyderabad | Updated on January 20, 2018

The Centre will be known as AP-Shenzhen Joint Incubation Centre and Smart City Innovation Hub

The Andhra Pradesh Information Technology and Communication Department and ZTE Soft, a fully owned subsidiary of ZTE Corporation, a leading telecom services provider, have inked a memorandum for setting up an incubation centre and an innovation hub for smart cities.

The Innovation hub will be a 85:15 venture between AP and Qianhai Authority and ZTE Soft. While AP will invest Rs 13.60 crore, ZTE Rs 2.4 core and gradually facilitate other investments while attracting companies.

The Centre to be known as AP-Shenzhen Joint Incubation Centre and Smart City Innovation Hub will come up in Kakinada. This will be a collaborative initiative between ZTE-backed, Shenzhen and AP. The Shenzhen Zone is one of the biggest industrial zones in the world and contributes about 20 per cent of the Chinese economy.

The ZTE Soft Technology Limited and the Qianhai Authority of China proposed a three year programme with Andhra Pradesh Innovation Society to establish facility and create the necessary support infrastructure needed for a world-class start up eco-system. The incubation centre will serve as a model for economic development.

According to Palle Raghunath Reddy, State Minister for IT and C, the centre will generate employment for 670 people directly and 2500 persons indirectly over the next three years.

As a part of the agreement, AP would open an”Extension Office” in the Quinhai Innovation Centre which will be a facilitator for other investments.

The Chinese Government has indicated its intent to invest up to $ 150 million (about Rs 1,000 crore) towards developing Kakinada–Vizag corridor modelled on a the corridor in Shenzhen coastal corridor. The innovation centre will support the proposed investment.

Published on June 04, 2016

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