Andhra Pradesh Transforms into $22 Trillion Industrial Powerhouse

In a significant development, Andhra Pradesh has transformed into a thriving industrial powerhouse, attracting a staggering $22 trillion in investments over the past 18 months. According to Chief Minister N. Chandrababu Naidu, the state has witnessed a remarkable surge in investment activity, with companies from 50 countries set to establish operations in the Sri City industrial hub.

The Chief Minister announced the allotment of 6,000 acres of land to develop Sri City as a model international industrial hub, which is poised to provide employment opportunities to 150,000 youth. During the 30th CII partnership summit, Naidu virtually laid the foundations for Raymond projects and inaugurated five new projects in Sri City, while also participating in the signing of several Memorandums of Understanding (MoUs) with companies looking to set up their units in the region.

Highlighting the state's commitment to fostering a business-friendly environment, Naidu revealed that Andhra Pradesh has become the first state in the country to announce the opening of Escrow accounts and provide sovereign guarantees to companies investing in the state. The Chief Minister expressed his determination to develop Sri City as the best industrial hub by 2028, further solidifying Andhra Pradesh's position as a premier investment destination.

Additionally, Naidu shared plans to develop Rayalaseema as a hub for industrial growth, with the Kia company already establishing a car factory in the region. The state government is also working on creating dedicated corridors for aerospace, defense, and space-related industries in Rayalaseema, underscoring its commitment to diversifying the state's industrial landscape.