Andhra CM seeks investments, announces Visakhapatnam as new capital

Jagan Reddy invites companies, diplomats to a two-day summit in Visakhapatnam in March

Global investors must come to Andhra Pradesh for its business-friendly rules and logistics, said Andhra Pradesh Chief Minister Y S Jagan Mohan Reddy on Tuesday as he announced Visakhapatnam as the state’s new capital.

“Andhra Pradesh is an exciting geography—the fastest growing state with 11.43 per cent 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,” he said at the International Diplomatic Alliance Meet in Delhi.

He requested diplomats and industrialists to attend the Andhra Pradesh Global Investors Summit (GIS) in Visakhapatnam on March 3 and 4. "Here I am to invite you to Visakhapatnam which is going to be our capital, in the days to come. I myself would also be shifting over to Visakhapatnam in the months to come as well,” he said.

Gudivada Amarnath, Andhra Pradesh’s minister for industries and commerce, said the Visakhapatnam summit will show Andhra Pradesh’s strengths as a business destination and the opportunities it offers.

“More importantly, the partner nations, the business delegations, and the Captains of the Industry coming together shall form an eclectic learning platform for us. This shall take the state to newer heights,” he said.

The investors' summit will present the state’s strong industrial base, presence of MSMEs (Micro, Small and Medium Enterprises)  and start-ups. It will be a platform for international and domestic investors, policy-makers, diplomats, influencers, industry associations, and trade bodies to explore opportunities and forge partnerships.