Ahead of the Global Investors Summit 2023, which will be held in Visakhapatnam on March 3–4, the Andhra Pradesh government has offered a one-stop digital platform for investors. 

“We will provide a one-stop digital platform for all domestic and foreign investments through our Andhra Pradesh Single Desk Portal. The business-specific approvals for setting up businesses are granted within a maximum timeframe of 21 days,” Gudivada Amarnath, Minister for Industries, Infrastructure, Investment & Commerce, Information Technology, Handlooms & Textiles, Andhra Pradesh, said.

Industrial policy

The government would shortly introduce a forward-looking Industrial Policy in a new avatar with an emphasis on driving economic growth across key focus sectors, promoting port-led industrial development, end-to-end investor facilitation, start-up culture, and inclusive and balanced regional development.

According to Buggana Rajendranath Reddy, Minister of Finance and Planning, the state is spending a “significant” amount of its budget on developing air connectivity in the state, with a greenfield international airport coming up at Bhogapuram near Visakhapatnam at a cost of ₹2,500 crore.

To woo investors to the summit, the State government had organised roadshows in the main cities across the country, including New Delhi, Mumbai, Bengaluru, Chennai, and Hyderabad. 

According to Buggana Rajendranath, AP has 888 km of national waterway within the State. “We intend to develop inland waterways, which will reduce the cost of logistics for moving cargo within and outside the State. 27 locations have been identified as prioritized terminals. The waterways will have the potential to handle 10 MT by 2029, which will reduce the cost of logistics and push exports for the state,’‘ he said. 

Andhra Pradesh is India’s gateway to the southeast with its 974 km long coastline, the second longest in the country, six existing ports, and four upcoming ports. The State has also emerged as the fastest-growing state in India, as per the number released so far, with double-digit growth of 11.43 per cent in 2021-22, he said. 

The global investors’ summit assumes significance as the State government is projecting the State as one of the major investment destinations in the country. As per official data, Andhra Pradesh has attracted Rs 47,490 crore in investments in the last three years in 28,343 industries, including those that have already started operations. 

Besides, ₹1,51,372 crore investment is underway as 61 industries are in the process of setting up their facilities in the State.