GIS 2023: 260 MoUs worth Rs 1.17L cr signed on Day 2 of Summit

Visakhapatnam: On the second day of the Andhra Pradesh Global Investors Summit 2023 (GIS 2023), 260 MoUs worth Rs. 1.17 lakh crores were signed in 13 sectors. The valedictory function of GIS 2023 was held at Andhra University engineering grounds in Visakhapatnam and was attended by Union minister for tourism, culture, and development G. Kishan Reddy, Union minister of Ayush and ports, shipping, and waterways Sarbananda Sonowal, badminton player P.V. Sindhu, and a few other dignitaries.

AP will go to new heights

Speaking at the Summit, Union minister Kishan Reddy said, “States are competing with each other in a positive manner for investments. Andhra Pradesh has a competitive advantage in sectors such as marine products and shrimps, drugs and pharmaceuticals, electronics, and petroleum. There is a clear opportunity for the government of India to work toward taking Andhra Pradesh to new heights.”

He said that keeping in view India’s vision to become Atmanirbhar, the Government of India is implementing production-linked incentive (PLI) schemes in 14 key sectors. More than Rs. 2 lakh crores have been allocated for PLI, which will transform India into a global manufacturing hub and create over 60 lakh jobs, the minister said.

“Our railway budget allocation for AP has increased nine times from Rs. 886 crores in 2014 to Rs. 8,406 crores now. We will build 72 world-class railway stations in Andhra Pradesh. AP is the only state to have three industrial corridors passing through the state. The total investment cost for Visakhapatnam smart city is Rs. 3,000 crores,” he added.

International Cruise Terminal by April 2023

Impressing the audience at the Summit with his Telugu words about Visakhapatnam, Union minister for Ayush and ports, shipping, and waterways Sarbananda Sonowal said the international cruise terminal at the Vizag port is nearing completion at a cost of Rs. 97 crores and will open by April 2023.

“Under Prime Minister Narendra Modi’s initiative of the Sagarmala Scheme, more than 110 projects worth around Rs. 1.1 lakh crores have been identified for implementation in Andhra Pradesh. Among them, 35 projects worth Rs. 32,000 crores have already been completed. Further, 14 projects focused on passenger jetty, fishing, port modernisation, skill development worth Rs. 2,500 crores have been financially supported under the Sagarmala scheme. Among these, five projects of Rs. 740 crores have already been completed,” the minister said. He added that Visakhapatnam fishing harbour is being upgraded at Rs. 151 crores, which will improve the quality of life of the local fishing community.

Need for prototype development centre

Suchitra K. Ella, the chairperson of CII Southern Region and MD of Bharat Biotech, said creating a string of startups and ecosystems for MSMEs is vital for Andhra Pradesh. “CII can work with Andhra Pradesh in setting up a Centre for Excellence for startups with facilities such as incubation and prototype development centers,” she said.

75% world’s HIV drugs produced in AP

“Andhra Pradesh is the capital of bulk drugs manufacturers in India. About 70% of the world’s HIV drugs are produced in the state. The state also produces other drugs, including those for diabetes and cardiovascular diseases, which the world needs. I feel Andhra Pradesh will continue to do very well in the pharmaceutical sector,” said Satyanarayana Chava, founder and CEO of Laurus Labs.

15 sector sessions organised

Others who spoke at the GIS 2023 include Vineet Mittal, chairman of Avaada Group; Dr. Vamsi Krishna Bandi, managing director of Hetero Group of Companies; Santhanam B., chief executive officer of Saint Gobain Asia-Pacific & India; Sergio Lee, director and group head, India Operations, Apache & Hilltop Group; Gajanan Nabar, CEO and managing director of Nova Air; and Dr. Satish Reddy, chairman of Dr. Reddy’s Laboratories.

A total of 15 sector sessions were organised with over 100 speakers showcasing Andhra Pradesh’s growing strengths. These sectors include automobile and EV, healthcare and medical equipment, renewable energy, green hydrogen, green ammonia, and agri-processing tourism. In addition to these, country sessions with UAE, Netherlands, Vietnam, and Australia were organised to explore opportunities for collaboration.