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In a major boost to Andhra Pradesh’s industrial development, Asian Development Bank (ADB) has said that it will help set up industrial zones in the State as a part of the Visakhaptnam-Chennai Industrial Corridor.
At a meeting with the State Chief Minister N. Chandrababu Naidu at Secretariat Office today, ADB’s country director Hun Kim said they would help the State government establish industrial zones with an outlay of $2.5 billion (about Rs 15,000 crore).
The project includes developing five industrial zones as part of the Visakhapatnam-Chennai Industrial Corridor. These zones would come up in Visakhapatnam, Kakinada, Machilipatnam, Anantapur and Erpedu-Srikalahasti. ADB has assured that a special officer would be appointed to monitor the project’s progress.
Kim has assured the Chief Minister that they would help the State Government attract investors from China, Japan, South Korea and European countries.
According to a statement from the Chief Minister’s Office, as part of this partnership, ADB would also enable companies and investors from these countries to support the Government in industrial development.
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