Andhra Pradesh Inks Business Deals Worth US$ 159 Billion

The Andhra Pradesh Global Investment Summit (GIS) 2023 turned out to be a huge success, as 352 Memoranda of Understanding (MoUs), amounting to about US$ 159 billion were finalized, which will create approximately  6,03,223 jobs in the state. The summit was attended by domestic and international business leaders, who made massive investments especially in the green hydrogen energy sector.

Picture : TheUNN

Inaugurated by Union Transport Minister, Nitin Gadkari and Chief Minister YS Jagan Mohan Reddy, the event had the presence of India’s top business leaders including Reliance Industries chairman and MD, Mukesh Ambani, Jindal Steel & Power Ltd, chairman Naveen Jindal, Adani Ports and SEZ Ltd CEO, Karan Adani, Dalmia Group managing director, Puneet Dalmia and others.

In his address at the GIS 2023, the CM said, “It is a proud moment to announce that the state has received 340 investment proposals with an investment of about Rs 13 lakh crore (US $159 billion) providing employment to almost six lakh people across 20 sectors.”

At the inauguration, Mukesh Ambani commended the state’s industrial development and its advantages and expressed confidence that the state would play a significant role in India’s growth story. “Reliance will create 50,000 new job opportunities in Andhra Pradesh and will promote sale of products made in the state through retail business,” he announced.

Naveen Jindal revealed that the firm will be setting up a 3 million tonne per annum steel plant in the state that will create jobs for over 10,000 people directly or indirectly.

According to Reddy, the state’s Energy Department received significant investment proposals especially in green hydrogen. The IT and ITES department managed to get 56 proposals, whereas the Tourism department got 117 proposals.

The two-day Global Investors Summit 2023 organized at the Andhra University Engineering College, Visakhapatnam concluded on March 4 with cultural performances by various dance groups.

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