12 January 2016
Looks like the Partnership Summit 2016 being held in Visakhapatnam is earning a considerable amount of traction with the world class investing firms. In this 3 day summit, by the end of the day 2, AP has received the investments worth of 1.70 Lakh Crore. By the end of the day 3 which is the last day off the summit, state officials are expecting around 4 Lakh Crores worth of investments. This number has even exceeded the target set by the AP Government by making the summit, super hit. An Australia-based Queensland Coal Corporation today agreed to set up a coal-based power plant in Andhra Pradesh with an investment of over Rs. 30,000 Crores. Food processing sector alone, made the agreements worth of Rs. 5,927-crore investments which has a potency to create at least 65,000 job opportunities.
AP Government has already signed 32 Memorandums of understanding with various multi-national companies involving investments worth of Rs. 3 lakh crores. Another 150 MOUs are pending and expected to be placed by the end of the Summit. Other notable MOUs are Rashtriya Ispat Nigam Ltd and Vizag Steel are inked to expand the plant capacity with an investment of 38 Thousand Crores. Petrogas Private Limited Isometric Holdings from Malaysia and LEPL Ventures from Vijayawada signed with Krishnapatnam Port Company and AP Govt. for setting-up a regasification and floating storage terminal with an investment of 500 Million US dollars. Along with this, other major deals are Walmart, Future Group, Spencer investing 1500 Crores in Andhra Pradesh which has a potency to create 25000 more jobs.