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MOUs worth Rs.10.54 lakh crore signed

Andhra Pradesh Chief Minister N Chandrababu Naidu did it again. The tech savvy honcho has inked 665 memoranda of understandings (MOUs) involving investment proposals worth Rs 10.54 lakh crore, at the recently held CII Partnership Summit at Visakhapatnam.  22.34 lakh jobs can be generated in Andhra if the prospective investors implemented the projects proposed.

Petroleum, automobiles, biopharma, textiles, energy and tourism sectors attracted sizeable investment proposals with Rs 1.43 lakh crore in the oil and gas industry. PSU oil companies, including ONGC, HPCL and GAIL came up with big ticket investments of  Rs 1.28 lakh crore. During the last edition of the CII summit, 328 MOUs were signed attracting investment proposals of Rs 4.67 lakh crore. Of these, around 50 per cent have been translated into investment, it is claimed. 

Naidu said that his government would appoint a liaison officer to pursue each of the MOUs and ensure needed support to implement it.  “We will provide permissions within 14 days,” he assured. 

Governor ESL Narasimhan pointed to the state making rapid strides since bifurcation in 2014. “Technology should be used for improvements in agriculture which in turn, will ensure food security,” he suggested. 

The CII organised the Partnership Summit in association with the Department of Industrial Policy and Promotion, Union Ministry of Commerce and the Andhra Pradesh government. 

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