VIJAYAWADA: Andhra Pradesh Economic Development Board (APEDB) signed a Memorandum of Understanding (MoU) with MUFG (Mitsubishi UFJ Financial Group) Bank on Tuesday to focus on the investments by the companies from Japan and the Eastern Asian countries in Andhra Pradesh.
With the MoU, Japan establishes a partnership between MUFG and APEDB across investment promotion, banking and financial inclusion.
The collaboration is expected to result in combining the strength of AP and MUFG in mobilizing trade promotion and investments in the top sectors of the State with a special emphasis on renewable energy, electronic component manufacturing, pharmaceuticals, and logistics.
The MoU is signed by CEO APEEDB, VC & MD-APIIC and Commissioner-Department of Industries Dr Srijana Gummalla and Head of MUFG India Kenichiro Kawase in the presence of Managing Director, Deputy Head of Delhi NCR branch, India head of Planning & Strategy (Japanese Corporate) Kazuyoshi Shibatani including the virtual presence of MD, Head of Chennai and Srilanka Branch, Incharge of South India region (Andhra Pradesh, Kerala, Tamil Nadu, Telangana) Mr Yukihiro Takeda.
Dr Srijana Gummalla said that the State is slowly emerging as an ideal destination for foreign investments and is consistently being ranked first in ease of doing business.
“With over 25 Japanese companies and upcoming Japanese industrial township in the State, Japan has been standing consistently as one of the top investors in Andhra Pradesh. We are looking forward to conducting road shows in Japan ahead of Global Investors Summit 2023, which is to be held on March 3 and 4, 2023,” she added.
Kazuyoshi Shibatani said, “As India continues to be a key market for MUFG’s network, the bank’s association with APEDB shall provide a wide range of opportunities for the Japanese companies investing in Andhra Pradesh, by merging their strengths and offering holistic services to cater the needs of large and small Japanese investors in AP and vice-versa.’’
The MoU is also likely to make a way for MUFG and APEDB to work in the area of financial inclusion.