VIJAYAWADA: Out of the 387 MoUs signed at the Global Investment Summit in Visakhapatnam, 100 MoUs were signed by the Trade and Industry department, while 13 MoUs were realised, bringing in Rs 2,739 crore investments and creating job opportunities for 6,858 people, the State officials informed Chief Minister Jagan Mohan Reddy.
The Chief Minister, who chaired a meeting with the officials at his camp office in Tadepalli on Monday, took stock of the implementation of the MoUs inked in March during the GIS. When the officials told Jagan that 38 companies would begin their work before January, 2024 and 30 other companies before March next year in the State, the latter directed them to ensure that all companies, which signed MoUs, begin work by February, 2024.
Jagan was informed that out of the 25 MoUs signed on energy projects, eight of them were awaiting clearance from State Investment Promotion Board (SIPB).“While Detailed Project Reports (DPRs) are getting ready for another eight projects, the work on four projects will begin soon,” the officials elaborated.
Works for investments worth Rs 38,573 in IT sector to begin soon
Of the 20 MoUs signed on energy projects prior to the GIS-2023, officials said that the work on six projects would begin shortly, while DPRs were ready for 11 projects. “These projects will bring investments worth Rs 8.85 lakh crore and will create employment opportunities for 1,29,650 people,” they elaborated.
The officials disclosed that 88 Memoranda of Understanding (MoU) worth Rs 44,963 crore were signed on IT and its related projects. “Out of this, investments worth Rs 38,573 crore have flowed into the State and the companies are about to start their operations.”
In response, the Chief Minister asked the officials to work towards translating the MoUs signed on food processing projects into action at the earliest to help the tomato and onion growers by establishing processing units.
He also reviewed the flow of investments in the animal husbandry and tourism sectors. The officials stated that the State witnessed a good growth rate in the past four years. The GSDP growth rate in 2021-22 stood at 11.43% from 5.36% in 2019 and the same increased to 16.22% in 2022-23. The exports from the State also went up to Rs 1.6 lakh crore in 2022-23 from Rs 1.43 lakh crore in 2021-22. Asserting that Visakhapatnam should become the IT hub of the State, Jagan directed the officials to pay special focus to it. He wanted them to hold continuous consultations with reputed firms.
Stressing on the crucial role played by MSMEs in the growth of economies, the Chief Minister ordered the officials to help the latter manufacture and market their products globally.
He asked them to identify the products having global demand, provide state-of-the-art technology to small businesses and help market their products via tie-ups with MNCs.
He instructed them to formulate an action plan to provide a separate wing for MSMEs in the industries department at the secretary-level and extend the required technology, so that they could play a key role in the economy.
“You should work with the aim of exporting a wide range of products to several countries. Youths must attain key skills for this purpose,” he suggested. IT and Industries Minister Gudivada Amarnath, Chief Secretary KS Jawahar Reddy, Special Chief Secretaries R Karikal Valaven (Industries and Commerce) and others were present.