Andhra Pradesh is witnessing operationalisation of investment proposals related to MoUs inked during the Global Investors Summit (GIS) 2023 on a rapid note as per the State government data.
Out of the 387 MoUs signed at the GIS, 100 MoUs were signed by the Trade and Industry department while 13 MoUs were translated into action bringing in ₹2,739 crore in creating employment for 6,858 people.
About 38 companies would begin their work in the State before January 2024 and 30 other companies before March 2024 and efforts were on to ensure that all companies which signed MoUs would begin work by February 2024.
Of the 20 MoUs signed on energy projects prior to the GIS23, officials said that works on six projects would commence soon while DPRs are ready for 11 projects. These projects will bring Rs.8.85 lakh crore investments resulting in employment to 1,29,650 persons.
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In the IT industry, 88 MoUs worth ₹44,963 crore were signed on IT and its related projects. Out of this, investments worth ₹38,573 crore were deployed and companies are expected to start their operations.
In the Advantage Andhra Pradesh: Global Investors Summit (GIS) organised in March this year, Andhra Pradesh government has received investment proposals to the tune of ₹13 lakh crore through 387 MoUs executed during the meet.
The State government also set up a monetary committee with Chief Secretary and CMO officials to ensure translation of MoUs into actual investments.