Andhra investors summit likely to attract up to Rs 2 trillion investment

The Andhra Pradesh Global Investors Summit (GIS) is scheduled to be held on March 3 and 4

On Thursday, the Andhra University Engineering College Ground in Visakhapatnam was getting its final touches for the Global Investors Summit (GIS) scheduled to be held today and tomorrow (March 3 and 4). The state government is expecting the event to attract investments to the tune of around Rs 1.8-2 trillion, with more than 8,000 delegates expected to be part of the event.

One could see large hoardings across the city, inviting guests to the mega event. Sources said that representatives from as many as 25 countries are expected to be part of the event. According to local media reports, the city has seen beautification works to the tune of around Rs 100 crore in recent times. The two-day summit may see around 20 sessions in which top industrialists from India and abroad are expected to participate.

Among the industrialists in the confirmed list include Reliance Industries chairman Mukesh Ambani, Aditya Birla Group chairman K M Birla, Adani Ports and SEZ chief executive officer Karan Adani, Bajaj Finserv chairman and CII President Sanjiv Bajaj, JSW Group’s Sajjan Jindal and Jindal Steel and Power’s Naveen Jindal. Other industry bigwigs who will be part of the event are G M Rao (GMR Group), Krishna M Ella (Bharat Biotech), Puneet Dalmia (Dalmia Bharat Group), Arjun Oberoi (Oberoi Group) and Sumant Sinha (Renew Power). Co-founder and former CEO of Tesla Martin Eberhard will also be part of the event.

Other than addressing the sessions by the participating delegates, chief minister Jagan Mohan Reddy and government officials will also be interacting with officials. Following this, a range of memorandum of understandings is also expected to be signed as part of the summit.  According to officials from the government the target is to make all the MoUs converted into actual investments.  

The sectors that are being given primary focus during the meet are chemicals and petrochemicals, pharmaceuticals and bulk drugs, textiles and apparels, automobiles and auto components, electronics and information technology, agro and food processing, engineering, medical devices, defence and aerospace, machinery and equipment, MSME and futuristic segments (industry 4.0 manufacturing, biotechnology, green hydrogen, electric vehicles and renewable energy components manufacturing). What is an added advantage for Andhra Pradesh is also the highest double-digit gross state domestic product (GSDP) growth rate in the country in 2021-22, at 11.43 percent. Going forward, the key focus areas of the state include green energy, electronics and information technology, bulk drug and pharma, automobiles and electric vehicles and innovation and start-up.