Global Investors Summit 2023 will be a game changer for Andhra Pradesh as the government is committed to fostering the State’s economy on one hand and providing employment opportunities to the youth on the other, asserts Minister for IT and Industries Gudivada Amarnath in an exclusive interview with Usha Peri
What is significant about Global Investors Summit?
After we came to power in the State in 2019, we probably had a diplomatic outreach in 2019 to conduct the Global Investors Summit in 2020, 2021 and 2022. As all the issues came down after the Covid-19 pandemic, Chief Minister YS Jagan Mohan Reddy asked the industries department to conduct the summit in December 2022 or January 2023. The summit, which is being conducted in Visakhapatnam on March 3 and 4, is focusing on two issues. One for creating an economy in the State and the other for generating employment for the youth. So, these are the two targets for the government for the summit, and we are focusing on different sectors. In some sectors, we will be pitching more on investments, and in others, we will be pitching more on employment. So, the major target for the government is to create economic opportunities for the State and employment for the youth.
What are the focus sectors during the summit, and which sector is likely to attract the maximum investments?
The Chief Minister suggested that the department focus only on the sectors where we can pitch an investment because every State has its own strengths. We have the second largest coastline with 974 km and the most usable coastline in the country, and we also have six operational ports, six airports, good national highway connectivity, good logistical support, and abundant land availability. With all these, our department is focused on 14 sectors.They include aerospace and defence, medical and health equipment centres, petroleum and chemical centres, education and skilling, port industrialisation, MSME startups, IT and electronics, agriculture and food processing, tourism and hospitality. The major one we are focusing on is the renewable energy sector because AP, with its geographical conditions, has the scope of creating 44 Gigawatt of wind energy, 38 Gigawatt of solar power, and almost 33 Gigawatt of pumped hydropower storage. New & Renewable Energy Development Corporation of AP Ltd (NREDCAP) has identified 29 specific locations in the State, and the major sectors on which we are focusing are the renewal energy sector, port and industrial activity, agriculture and food processing. The major investments would probably be in the renewable energy sector.
How is the response to the roadshows organised as a prelude to the summit?
The curtain-raiser was held in Delhi on January 31 under the leadership of the Chief Minister. We had Ambassadors and High Commissioners from 49 countries participate in our diplomatic outreach programme. On the same day, we held a meeting with the national-level industrial organisations such as SHOM, NASSCOM, and CIA. We held roadshows in Mumbai, Bengaluru, Chennai and Hyderabad. It is a first of its kind because there were partnership summits and investors summits under the previous regime, but there were no roadshows anywhere in the country. This is the first time, we are conducting domestic roadshows in the country. There was a positive response, and we provided representation from every sector in food processing, maritime board, IT and electronics, handlooms and textiles, based on what kind of industrial activity they have asked for. There was a good response. There were 10,000 registrations as of yesterday. Probably, this will be a game changer for Andhra Pradesh.
How many countries are participating in the summit?
We are partnering with almost 20-25 countries. As of now, 22 countries have finalised their presence at the summit. The Europe India Chamber of Commerce, which represents 26 countries in Europe, has also given its consent to attending the summit.
Who are attending the summit? There was talk that Adani would attend and lay foundation stone for the data centre in Visakhapatnam?
We thought Adani would come, but he is preoccupied with other meetings. His son, Karan Adani, is coming. Mukesh Ambani, (Chairman of Reliance Industries), KM Birla, (Chairman of Aditya Birla Group), GM Rao, (Chairman of GMR Group), Arjun Oberoi (Executive Chairman of Oberoi Group), Naveen Jindal (Chairman of Jindal Steel and Power), Krishna Ella (Executive Chairman of Bharat Biotech International), and Martin Eberhard, (Co-founder and former CEO of Tesla), are attending.
Are you confident that the prospective investors will be convinced to invest in the State?
All of them who are coming now have their existence in AP. Probably they would expand their investments in AP or at least share their experiences. Some of them might expand their businesses, come up with new proposals, or give their testimonials about the State.
What are the plans for skilling and ensuring the employability of youth in the State?
The major advantage for AP is the working-age group. We have 70% of the working age group in the State. Ours is the only State with more than 300 engineering colleges and more than 12 universities. We are coming up with 175 skill hubs and one skill university. Ours is probably the only State where students or fresh graduates do not apply for jobs in their respective departments and are willing to do any work. So we give the skilling support and create skill hubs everywhere in the State to create skilled people as per the industry requirement. We have more than 300 colleges, from which nearly 1-1.5 lakh students graduate every year. That is why the summit’s tagline is ‘Abundance meets Prosperity’ implying that we have an abundant skilled workforce, resources and land bank.
Any incentives are offered to attract investments?
We have a regular policy that is in place in the State government. The new industrial policy will be implemented between 2023 and 2028. So, whoever comes and enters an MoU at the summit, we will have an early bird. If they sign an MoU or come up with a proposal, the government is ready to give them land within a one month. We also have the single-window permission, where the approval will be granted in 21 days from 23 departments. And if they begin their work within six months, we will provide an early bird discount and some additional incentives. The new industrial policy will be a competitive one that we have developed in comparison to other State governments, as well as in light of our financial resources; our new policy will definitely attract investors.
How do you want to project Visakhapatnam as a tech hub investment destination?
After the bifurcation of the State, Visakhapatnam is the hope for AP for the IT sector, other economic growth, and showcasing AP. So, Visakhapatnam will be the engine for AP. We will definitely showcase it as a global IT destination and a beach destination, with an environment that no other place in the country has. Visakhapatnam has a beautiful sea on one side and hills on the other. We have IT hills, which were created by former CM YS Rajasekhara Reddy. So, when we come up with a Tier-II destination for the IT sector, Visakhapatnam will be the ideal one where there is a workforce within a radius of 50-100 km. Despite the Opposition claim that the government is not paying incentives on time to MSMEs, we have already cleared all the incentives. We have to release incentives for 2021-22 and for 2022-23, we still have time. The Chief Minister said the 2021-22 incentives would be released in February, but due to the election code, it has been postponed. But we did not stop them, and they will be released shortly after the MLC polls.
Does the government have any plans to set up something similar to T-Hub in Telangana?
About a week ago, the Chief Minister suggested that the industries department come up with a 3 lakh sq ft startup tower in Vizag with an iconic design. Probably after the summit, we will be hearing expressions of interest from organisations so that they can come up with a beautiful and world class design. With 3 lakh sq ft startup, we will be coming up with a new iconic tower similar to the T-Hub in Telangana.