Andhra Pradesh secures ₹9.88 lakh crore investment commitments at CII summit
Chief Minister Nara Chandrababu Naidu announced that 303 MoUs were signed during the two-day summit in Visakhapatnam.
The Andhra Pradesh government has secured investment commitments worth ₹9.88 lakh crore through 303 memoranda of understanding (MoUs) during the 31st CII Partnership Summit in Visakhapatnam, according to The Hindu.
Addressing the media after the summit's conclusion on Friday, Chief Minister Nara Chandrababu Naidu said these investments have the potential to create approximately 3.49 lakh jobs across various sectors.
Naidu stated that cumulative investments tied up since June 2024 have reached ₹32.49 lakh crore. He noted that the state is gaining attention due to the potential of the Visakhapatnam, Tirupati, and Amaravati economic regions.
The Chief Minister also announced plans to introduce an Investment Protection Act in the upcoming Legislative Assembly session. He said the law would apply retrospectively from 2024 to reassure investors regarding the safety of their capital during regime changes.
To improve the business environment, Naidu said the government would provide real-time clearances based on self-certification and reduce compliance burdens. He added that the state is also prioritising the development of the space sector near the Sriharikota spaceport.
The summit was organised by the Confederation of Indian Industry (CII) in collaboration with the Ministry of Commerce and Industry and the Andhra Pradesh government.