Andhra Pradesh has set an ambitious goal of attracting $1 trillion in global and domestic investment in five years, as the state looks to position itself as a major industrial hub, the state’s Education and Information and Technology Minister Nara Lokesh said on Wednesday.
Addressing mediapersons here ahead of the CII Partnership Summit in Visakhapatnam, Lokesh said the state has already got $120 billion investment commitments over the past 16 months. “These are not symbolic MoUs. They represent real, on-ground projects that are creating employment and transforming regional economies,” Lokesh said, adding that the state government aims to create 2 million jobs over five years.
The two-day CII Partnership Summit, scheduled for November 14-15, will see 410 investment agreements worth $120 billion being formalised, according to the state government. These projects are expected to generate about 0.75 million employment opportunities. Furthermore, groundbreaking ceremonies will be held to mark commencement of projects valued at Rs 2.7 lakh crore.
ArcelorMittal, Google are among the global majors investing in the state. BPCL is establishing a Rs 1 lakh crore refinery project, while NTPC is developing a Rs 1.65 lakh crore green hydrogen hub. Five of India’s top-10 solar manufacturing companies have also selected Andhra Pradesh as their base. Lokesh attributed the state’s investment momentum to its unique “Speed of Doing Business” model.
Andhra Pradesh also aims to add 50,000 hotel rooms in the next three years, Lokesh said. “Aligned with India’s Viksit Bharat vision, we aim to transform the state into a $2.4 trillion economy by 2047,” he said.
The CII Partnership Summit will serve as an international platform for collaboration among investors, industry leaders and policymakers. Discussions will explore emerging opportunities in quantum technologies, artificial intelligence and materials science.
The summit will feature 48 sessions, including a plenary, 27 technical discussions and 11 state-specific forums. More than 300 delegates from 45 countries, including representatives from G20 member nations and 12 international organisations, are expected to participate.
