At the two-day Global Investors Summit (GIS), Andhra Pradesh attracted investment commitments of 13,05,663 lakh crore, comprising 352 MoUs, which have the potential to generate up to 6,03,223 employment opportunities, according to Chief Minister Y S Jagan Mohan Reddy on Saturday.

“Commensurate with the immensely favourable business climate, we have completed 352 MoUs with an investment commitment of about 13,05,663 lakh crore that has the potential to create 6,03,223 jobs,” the Chief Minister said in his farewell speech at the Summit. There have been up to 40 memorandums of understanding inked, totaling 8,84,823 crores in investment, which will put 1,90,268 people to work in the energy sector. 56 Memorandums of Understanding worth $25,587 crore in investments have been signed in the IT & ITES sector, which will produce 1,04,442 jobs for individuals. 117 Memorandums of Understanding have been inked for investments totaling 22,096 crore in the tourism sector, which will employ 30,787 people.

“The renewable energy industry is one of the industries in which large investments have been made. The anticipated investments in green hydrogen and green ammonia production, as well as pumped storage of renewable energy, will go a long way towards reducing the intermittent nature of renewable energy and making it a viable alternative to fossil fuel-based power. This would significantly advance the field of green energy and strengthen India’s resolve to reach net zero, said Jagan.

The Chief Minister promised to show off the government’s “speed of assisting enterprises” in order to to carry out the commitments. While assuring the investors of the State government’s unwavering support, Jagan urged them to complete the grounding of investments as soon as possible.

Government should establish committee to monitor MoUs’ progress

“We pledge to swiftly and easily turn these signed memoranda of understanding into investments. We are creating a monitoring group made up of the Special Chief Secretary, the Chief Secretary, and representatives from the CMO (industries). This committee will convene once a week to monitor the execution of these Memoranda of Understanding,” he stated. “This extraordinary optimism demonstrated by the investors over the previous two days stimulates our efforts to improve the business environment,” In the previous three and a half years of Jagan’s administration, the economy has recovered more quickly thanks in part to to give various sectors timely stimulus.

He claimed that “good governance and effective policy intervention safe-guarded the economy and assured that the corporate eco-system is not jeopardised. Jagan Mohan Reddy emphasised that his administration paved the way for fostering a favourable business environment by enhancing youth skill sets and enhancing access to internet services. This meeting was crucial in presenting Andhra as the top investment destination for both domestic and foreign investors, he claimed.

Around 100 speakers from 15 sector sessions that were organised at the summit highlighted AP’s expanding strengths. These 15 priority sectors include the transportation and electric vehicle industries, healthcare and medical technology, renewable energy, green hydrogen, green ammonia, and agriculture and tourism.