The Andhra Pradesh Chief Minister N Chandrababu Naidu today said large Japanese companies and Government agencies are interested in investing in Andhra Pradesh and soon many of them are expected to follow up on his recent visit to Japan.

Addressing a press conference here today, Naidu described his five-day visit to Japan as extremely fruitful and that it was expected to yield good results in the near and long-term.

As a follow up to his invitation to some of the corporations and Japanese Government agencies, he said several delegations are expected to come calling to Andhra Pradesh and take forward the proposals to work together be it setting up units, expanding them, or working towards making investments.

Softbank, Sumitomo proposals

Referring to his meeting with Softbank, he said Softbank has expressed its intent in setting up of up to 10,000 mw of solar power projects over the next three years and plans to invest up to $10 billion (about Rs 60,000 crore). Masayoshi Son, Chairman of Softbank, has agreed to visit Andhra Pradesh within 45 days with firm plans to make investments in solar energy and other sectors, Naidu said.

To take these investment proposals forward without any glitches, the State Chief Minister said a Japan helpdesk would be formed to provide single window clearance for projects and escort officers provided to facilitate the project development without any hassles.

He said that four Memorandums of Understanding were inked with the Sumitomo Corporation, including in the areas of farm sector equipment and improving crop yields and in the power sector where Sumitomo has evinced interest to develop a 4,000 mw ultra mega power project in Srikakulam.

INDUSTRIAL POLICY

The Andhra Pradesh Government was awaiting special status for the new State. Once such the special status has been accorded, the State planned to come out with a new industrial policy packaging it with incentives to be offered as a part of the special status and State incentives.

He said the State is forced to tackle the huge deficit of Rs 15,000 crore in the budget and balance it with the growing fund requirements. Therefore, the State is taking up several measures to bridge the deficit, raise funds through various sources and raise debt.

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