Vishakhapatnam will be world class capital: AP govt at Investors Summit

Hyderabad: The Andhra Pradesh government launched its Global Investors’ Summit 2023, with chief minister YS Jagan Mohan Reddy interacting with diplomatic guests from over 40 nations who participated in the event.
Jagan Mohan Reddy, while speaking at the summit, said, “Andhra Pradesh is an exciting geography—the fastest growing state with 11.43% growth rate, with unparalleled offerings in terms of Ease of Doing Business, where we have been consistently ranked first for three consecutive years, in terms of stakeholder feedback, with a 974 km coastline, the state has a competitive logistics advantage of access to six ports, and there are four more that are coming up.” AP industries and commerce minister Gudivada Amarnath said that the Andhra Pradesh Global Investors Summit 2023, will showcase the strength of the state as an “unparalleled business destination”. Jin Park, MD and CEO, KIA Motors, acknowledged the AP government’s commitment in facilitating Ease of Doing Business, said a press release from the AP government on Thursday.
In AP, KIA Motors has expanded its presence, with the company investing over Rs. 10,000 crore over a span of five years. The vehicles produced at the plant are today being exported to over 95 countries, the release added. At the summit, the state government said that the port town of Vishakhapatnam will be transformed into a world-class executive capital for the state of Andhra Pradesh.
The ‘YSR Jagananna Mega Industrial Hub’ (YSR JMIH) is being developed over an extent of 6,739 acres near the Kopparthy node of VCIC. Further, phase-I of the ‘YSR Electronics Manufacturing Cluster (EMC)’ adjoining the YSRJMIH is being developed over an extent of 540 acres, the release added.
The Andhra Pradesh (AP) government also said it is committed to becoming the chosen investment destination in India in the aerospace and defence manufacturing sectors as well. The state is also setting up a new Bulk Drug Park in Kakinada over an area of 1,000 acres and in-principal approval for the same has been granted by the Government of India.