Vijayawada: The 13th meeting of the State Investment Promotion Board (SIPB), which was chaired on Thursday by Chief Minister N Chandrababu, approved investments of Rs 20,444 crore, promising employment opportunities to 56,278 youths.
Naidu noted that more than 50 per cent of the MoUs signed at the recent CII Partnership Summit were already moving into the approval stage. Officials must ensure that foundations for these projects are laid within 45 days.
He said Andhra Pradesh has been attracting investments in a big way with the introduction of the ‘speed of doing business’ system, and maintaining transparency in giving permissions.
Some Rs 7.69 crore worth of MoUs signed during the Visakha CII partnership summit were going to be grounded, he said.
Naidu stated, “We must lay the foundations for 75 MSME parks before the upcoming World Economic Forum Summit in Davos. The Chief Secretary would review the MoU grounding every week. I would review SIPB decisions and MoUs personally.”
“District collectors must also monitor the progress. Prepare a policy for grounding industries and place it before the cabinet. A monitoring mechanism should include the Chief Minister, Cabinet sub-committee, Chief Secretary, ministers and senior officials,” he said.
Naidu said land acquisition must be smooth. Those giving land and those receiving it should feel satisfied.
Ministers Nara Lokesh, T.G. Bharat, P. Narayana, Kandula Durgesh, Gottipati Ravikumar, Anagani Satyaprasad, B.C. Janardhan Reddy, Payyavula Kesav and K. Atchannaidu were present.
The CM advised the officials to improve their performance by using new technology in the grounding of units and industries within the prescribed time. Of the six quantum towers, two towers should be allotted to the department of artificial intelligence.
A master plan, he said, should be formulated to develop convention centres and hotels in Visakhapatnam to promote tourism.
The CM claimed that leading companies were choosing AP because of the government’s speed of doing business. “We are providing water, electricity, land and all necessary support in a swift manner. Transparency is bringing new projects to the state.”
“Earlier disruptions damaged investor confidence even in countries like Singapore. We have rebuilt AP’s image, which is why the recent summit received such a strong response,” he said.
The Chief Minister also highlighted the need to promote tourism. He directed officials to attract national and international organisations to the hospitality sector.
Fifty acres, he said, have been allocated in Visakhapatnam’s Kapuluppada for hotels and convention centres, and a master plan would be prepared. Incentives should be tailored to project size, and the incentive disbursal system should use an escrow mechanism.
Naidu stressed the need for establishing a sovereign fund to invest in various sectors. Andhra Pradesh should also establish a sovereign fund with Rs 500 crore. Nine districts in Rayalaseema would be developed as a horticulture hub and the central government is providing Rs 40,000 crore towards the Purvodaya scheme, he said.
Speaking at the SIPB meeting, education minister N. Lokesh said, “Permissions for new units should be granted only after a thorough examination of each investing company, while ensuring there are no obstacles in the setting up of industries.”
He stressed the strict implementation of the Speed of Doing Business policy so that “approvals are issued quickly without wasting time for either the government or companies.”