Andhra Pradesh to sign MoUs worth Rs 9.89 lakh crore
Chief Minister N Chandrababu Naidu announced the investment commitments during the CII Partnership Summit in Visakhapatnam.
Andhra Pradesh will sign 303 memoranda of understanding (MoUs) worth Rs 9.89 lakh crore at the 31st Confederation of Indian Industry (CII) Partnership Summit in Visakhapatnam, Chief Minister N Chandrababu Naidu said on November 12.
Naidu stated that these commitments would bring the state's total investment since June 2024 to Rs 32.49 lakh crore. He also announced plans to introduce an Investment Protection Act and a Speed of Doing Business Act to support investors.
According to reports from Urban Acres and Deccan Chronicle, the two-day summit involves delegates from 58 countries. The event is being organised by the Ministry of Commerce and Industry, the Government of India, the Government of Andhra Pradesh, and the CII.
The state has already converted 526 investment proposals into projects worth Rs 17.2 lakh crore, representing nearly 76 per cent of its total investment pipeline. These converted projects have the potential to generate 19.3 lakh jobs.
Naidu highlighted several major developments, including a proposed 1 GW Google data centre in Visakhapatnam and plans to develop Amaravati as a global quantum computing hub. He also noted that 303 projects worth Rs 7.3 lakh crore have reached the construction-ready stage.
The summit's theme is 'Navigating Change: Technology, Trust and Trade – Leading the Way in a New World Order'. Union Commerce and Industry Minister Piyush Goyal is set to chair the summit deliberations.