AP pitches state as India's investment destination at Davos meet
By G.Janardhana Rao, Business Editor
Visakhapatnam: Andhra Pradesh used the World Economic Forum platform to pitch the state as India's next investment destination. The AP government has moved from easing procedures to accelerating decision-making as it looks to recover ground lost after bifurcation.
At the World Economic Forum in Davos, Lokesh highlighted the state's "Speed of Doing Business" model, aiming to become a 'Day-Zero Ready' destination by 2035 with streamlined approvals and digital governance.
The state's efforts are yielding results, with nearly a quarter of India's investments flowing into Andhra Pradesh. Key investments include Google's $15 billion AI data center in Visakhapatnam, creating over 1 lakh jobs, and Arcelor Mittal's ₹1.36 lakh crore steel plant in Anakapalli, generating 55,000 jobs.
Lokesh's global outreach has attracted significant investments, including a $10 billion commitment from RMZ for a Global Capability Park in Visakhapatnam. The state's focus on decentralised growth is evident, with Visakhapatnam emerging as a tech hub, Rayalaseema focusing on renewable energy and automotives, and Amaravati developing as "Quantum Valley" for advanced tech.
The state targets a $2.4 trillion economy by 2047, with 15% annual growth. With 610 MoUs signed, Andhra Pradesh is poised for significant economic growth, driven by investments in technology, renewable energy, and infrastructure.
AP Chief Minister N Chandrababu Naidu said Andhra Pradesh was now prioritising 'speed of doing business', with real-time clearances and execution-focused governance to attract investors.
"Earlier, we worked on ease of doing business. Now I have changed the gear to speed,' he said. 'Everything is real-time. That is how we are attracting investment,' Chandrababu said.
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