VIJAYAWADA: The seventh State-Level Investment Promotion Board (SIPB) meeting, chaired by Chief Minister N Chandrababu Naidu at the State Secretariat on Thursday, approved investment proposals for 19 projects worth Rs 28,546 crore.
These investments are expected to generate employment opportunities for 30,270 people. So far, across the seven SIPB meetings, investment proposals worth Rs 5,34,684 crore have been approved, creating job prospects for 4,73,969 individuals.
The board also reviewed proposals for additional investments and modifications from BPCL & KSSL, LT Electronics, and Krishnapatnam Power Corporation.
Speaking on the occasion, the Chief Minister announced that additional incentives would be extended to industries and projects investing in the state’s backward regions.
He emphasized that setting up industries in these areas would promote development and provide employment to the local population.
The Chief Minister underlined that local residents should be given priority in employment for upcoming industrial projects.
He stated that youth skill development must be a key policy focus. He reiterated the coalition government’s commitment to ensuring balanced development across all regions of Andhra Pradesh and mentioned that a plan is being prepared to ensure equitable distribution of investments throughout the state.
Plan to hold 2 SIPB meets a month
He firmly stated that companies allotted land must establish their units within the stipulated timeline and directed officials to hold discussions with the respective company representatives. He also noted that MSME parks are being established in every Assembly constituency, and these should be leveraged to promote local entrepreneurship.
Additionally, he instructed that comprehensive data on all industries, projects, investments, and job creation be made available on an online portal, and that industries be mapped based on clusters.
Highlighting key sectors, Naidu said that tourism, IT, and food processing industries should become primary drivers of development. He noted the state’s strong potential in these areas and called for encouraging entrepreneurship accordingly. He proposed the development of boat tourism projects near Papikondalu along with the Polavaram Project, and also suggested exploring the operation of luxury boats and cruise ships in Visakhapatnam and other coastal areas, in partnership with interested companies.
The Chief Minister urged companies that have signed MoUs in the hospitality sector to expedite construction works. He also emphasized the need for developing necessary infrastructure near industrial project sites.
Looking ahead, he proposed that at least two SIPB meetings be conducted every month, with a goal of holding at least 25 meetings annually.
