'AP govt expects Rs 15,000cr investments in next 4 years'

The state government is expecting foreign and private investments to the tune of Rs 15,000 crore in the next four years.

Addressing mediapersons here on Wednesday, chief minister YS Rajasekhara Reddy said, "During 2001-05, the state attracted only Rs 4,500 crore foreign and private investments. Going by the several investor-friendly measures being initiated by our government, we expect close to Rs 15,000 crore of investments."

The chief minister was in the city to lay the foundation stones for LV Prasad Eye Hospital and Satyam Computer Services' facility on Tuesday.

Talking about the textile park which the government recently decided to develop in an area of 1,000 acres at the proposed special economic zone near Vizag, Reddy said that it is expected to generate employment to around 60,000 people.

"A few foreign companies have already evinced interest to set up textile units at the proposed park," he informed.

Besides, Andhra Pradesh Mineral Development Corporation and Nalco are jointly proposing to open bauxite mines in Vizag district. At a later stage, there is a possibility of the companies setting up alumina smelters in the district. Owing to these reasons, we expect huge investments, he added.

The chief minister said that the government has also decided to develop a medicity at Vizag to boost health tourism in the state.

"Major super speciality hospitals and star hotels will be coming up at the medicity," he said after laying the foundation stone for the LV Prasad Eye Hospital.

Reddy said that his government is offering land at reasonable prices to major IT companies.

"We are keen on developing Visakhapatnam as the second IT destination in the state. Satyam Computers is going to invest about Rs 150 crore at its Vizag facility in a phased manner. Wipro and TCS too are poised to start their operations here," he said.