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Home » 38 Firms Which Signed MoUs in Global Investment Summit to Commence Work in Andhra Pradesh from January 2024

38 Firms Which Signed MoUs in Global Investment Summit to Commence Work in Andhra Pradesh from January 2024

by Kane Guzman
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Chief Minister Y.S. Jagan Mohan Reddy asks officials to set up a separate wing for MSMEs in Industries Department and identify products with high global demand and the technology needed for small enterprises to produce them

As many as 38 companies which signed Memorandums of Understanding (MoUs) with the Andhra Pradesh government during the recently concluded Global Investments Summit (GIS) in Visakhapatnam, would begin work before January 2024 and 30 other companies before March 2024.

The officials concerned informed this to Chief Minister Y.S. Jagan Mohan Reddy during a review meeting on the progress of the MoUs held at the latter’s camp office at Tadepalli on June 5 (Monday). 

The Chief Minister asked the officials to ensure that all the companies which signed MoUs began work by February 2024.

The officials informed the Chief Minister that of the 387 MoUs signed at the GIS, 100 were signed by the Trade and Industry Department, while 13 have been translated into action, bringing in an investment of ₹2,739 crore with a potential to create employment opportunities for 6,858 people.

Of the 25 MoUs signed on energy projects, eight projects were awaiting SIPB clearance while DPRs were getting ready for another eight projects. Works on four projects would be commencing soon, said the officials.

Referring to the 20 MoUs signed on energy projects prior to the GIS-23, the officials said that works on six projects would commence soon while DPRs for 11 projects were ready. These projects will bring investments of ₹8.85 lakh crore, resulting in employment to 1,29,650 persons, they said.

IT Industry

While reviewing the progress of the IT industry and investments in the sector, Mr. Jagan Mohan Reddy told the officials to work hard and transform Visakhapatnam as the IT hub of Andhra Pradesh.

Disclosing the key figures on the IT-related projects, the officials said that 88 MoUs involving an investment of ₹44,963 crores were signed. Of this, investments of ₹38,573 crore have already come and the companies are about to begin their operations.

The Chief MInister encouraged the officials to work towards translating the MoUs signed for food processing projects into action at the earliest to help the tomato and onion growers by establishing processing units. He reviewed the flow of Investments into the animal husbandry and tourism sectors for which MoUs were signed.

Growth Trajectory 

The officials explained that the State had achieved excellent progress with the growth rate reaching 11.43 % in 2021-22 fiscal from 5.36% in 2019. The exports went up to ₹1.6 lakh crore in 2022-23 fiscal from ₹1.43 lakh crore in 2021-22 financial year.

Highlighting the significant contribution of MSMEs to the growth of the State, the Chief Minister asked the officials to take prompt measures to help the enterprises to flourish and market their products globally.

Mr. Jagan Mohan Reddy suggested that the officials should identify the products having high demand in the global market, the technology needed for the small enterprises to produce such products, and the ways to market them through tie-ups with multinational companies.

Instructing them to formulate an action plan to provide a separate wing for MSMEs in the Industries Department at the Secretary level, the Chief Minister said that the officials must work with the aim of exporting a wide range of products.

IT and Industries Minister Gudivada Amarnath, Chief Secretary K.S. Jawahar Reddy and other senior officials were present in the meeting.

Source : The Hindu

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