VISAKHAPATNAM: Chief Minister N Chandrababu Naidu has announced that the State government will open escrow accounts for investors to ensure prompt payment of incentives promised to them.
Delivering the keynote address at the inaugural session of the 30th CII Partnership Summit 2025 in Visakhapatnam on Friday, Naidu said, “Once you sign the MoU with the AP government, the escrow account will be created automatically, and funds will be released through the bank in real time. You do not need to approach anyone. If required, we will even give sovereign guarantee.”
The announcement of Naidu received thunderous applause from investors.
The Chief Minister highlighted that Andhra Pradesh has already attracted $20 billion investments in the last 18 months, generating 20 lakh jobs. He set a new target of $500 billion investments in the next three years, creating 50 lakh jobs, and a larger vision of $1 trillion investments over the next decade.
He urged global companies to sign MoUs with the government before leaving the summit, mentioning AP’s track record of seamless execution. “After signing the MoU, you don’t need to remind us. Our team will follow up. That is our credibility. AP is gifted with natural resources, and a long coastline stands as a gateway to investments in different sectors,” he said.
AP ready for next-gen growth in all sectors: CM
Expressing happiness over participation of over 2,500 trade delegates from across the globe, including 522 representing 72 countries, he said, “Visakhapatnam is a beautiful and safest city, and it is going to emerge as a destination for IT and investments.”
The Government of India has laid emphasis on drone innovation. India’s first drone taxis will be launched from Andhra Pradesh within the next two years, he said. Naidu highlighted massive opportunities in rare earth minerals, value-addition industries, and tourism. He also emphasised investment avenues in ports, airports, roads, railways, logistics parks, dry ports, inland waterways, along with expanding sectors like pharma and healthcare. “AP is ready for next-generation growth across all sectors,” he averred.
Inviting trade delegates to the CII partnership summit next year, the Chief Minister said his government is ready to host it in Visakhapatnam itself with the cooperation of the Centre and the CII. He said as per the suggestion of Union Minister for Commerce Piyush Goyal he is ready to allot land facing sea in Visakhapatnam for a world class ITPO convention centre. Describing Prime Minister Narendra Modi as a right person at right place, he said the NDA landslide win in Bihar Assembly polls itself is an indication that people are with Modi.
“India is a best place for investments with an advantage of demographic dividend. India is going to emerge as number one economy in the world by 2047, and it is unstoppable,” Naidu asserted. Focusing on AP, he said, “Efforts are on to set up drone, electronics, aerospace, space, semiconductors, and defence corridors in the State.”
He said a quantum valley will be developed in Amaravati, and Quantum computer will be produced in AP within two years. The State government has set a target to produce 160 GW of green energy out of 500 GW goal of India. Priority has been given to developing green energy as the proposed data centre in Vizag itself needs 6 GW of power, he explained.