Visakhapatnam, Nov 12 (PTI) Andhra Pradesh on Thursday invited companies to invest, build factories and shift their headquarters to the

Visakhapatnam, Nov 12 (PTI) Andhra Pradesh on Thursday invited companies to invest, build factories and shift their headquarters to the

Visakhapatnam, Nov 12 (PTI) Andhra Pradesh on Thursday invited companies to invest, build factories and shift their headquarters to the

Visakhapatnam, Nov 12 (PTI) Andhra Pradesh on Thursday invited companies to invest, build factories and shift their headquarters to the state as it provides huge business opportunities.

     Addressing the CII Partnership Summit here, Andhra Pradesh Minister for Information Technology, Electronics and Communications, and Human Resources Development Nara Lokesh said the presence of beautiful coastline, connectivity, and talent are few of the reasons to shift offices to this state.

     "Do not just build factories, move your headquarters here....My invitation is that invest here and innovate here....our doors are always open for you," Lokesh said.

     He informed that several big companies, including LG Electronics and Google, are investing in the state.

     Lokesh said the '3S' mantra - speed, stability and services - of Andhra Pradesh is the key reason which is attracting domestic and global companies to invest in the state.

     "Once we shake hands (with a company), it is our project," he said adding "we do not keep you (industry) waiting, we ensure commercial production happens".

     He said "At this summit, we are talking about trade, technology and trust. In Andhra Pradesh, we want to give these three words a concrete shape and transform them into investments, partnerships and opportunities."

     Andhra has a coastline of more than 1,000 kilometres. Visakhapatnam is a major port, along with other ports, and currently handles approximately 100 million tonnes of cargo annually, he said, adding, "Four new greenfield ports are under construction at Ramayapatnam, Mulapeta, Machilipatnam and Kakinada. With these additions, our cargo-handling capacity is set to double."

     Highlighting the investment opportunities the state offers, he said "I am delighted to share that since June 2024, Andhra Pradesh has received investment commitments worth Rs. 22.6 lakh crore...More importantly, 73 per cent of these commitments have been converted into approved projects. These projects are worth Rs. 17.2 lakh crore and are expected to generate employment for 12.7 lakh people."

(This story has not been edited by THE WEEK and is auto-generated from PTI)