HYDERABAD: The Andhra Pradesh government is betting on AP MedTech Zone to attract investments and create jobs in the medical infrastructure segment. The proposed zone has already entered into an agreement with about 50 companies to set up operations. The ground-breaking ceremony of AMTZ will be held on Sunday, after which the companies will start setting up their operations.
Spread over 270 acres near Vishakapatnam, AMTZ offers land at subsidised cost and common facilities for medical equipment manufacturers. The zone was formally launched a year ago to attract the companies to AP, after state bifurcation.AMTZ officials have laid up a five-year plan with targets for each year. While the first year has been dedicated to completion of all formalities and formation of zone, from second year firms will start setting up their units. While the government wants to start production and focus on domestic demand in third and four years, by the fifth year they want to focus on international market.
“We plan to attract 250-300 companies. We have already entered into agreement with 50 companies. We are ensuring hassle-free approvals, ease of doing business and soon more companies will come to the zone. Companies which have already entered into an agreement will start setting up operations after the ground-breaking ceremony,” an official from AMTZ told Express.The medical devices manufacturing sector in India is estimated at $5.5 billion with a compounded annual growth of 15 per cent.