State signs 734 MoUs attracting an investment of Rs.4.39 lakh crore

Monday, February 26, 2018 
Visakhapatnam

The CII Partnership Summit and the Sunrise Investment Meet held hat the APIIC grounds at the Harbour Park saw signing of 734 MoUs envisaging an investment of Rs.4.39 lakh crore with a potential for providing employment to 11 lakh people.

Chief Minister Chandrababu Naidu at the concluding ceremony today said that they had inked the agreements only with serious players. The MoUs with proposed investment of Rs.4.67 lakh crore were signed in 2016, the first post bifurcation year and it increased to Rs.10.54 lakh crore in 2017. The government rejected 306 MoUs with an investment proposal of nearly Rs.4 lakh crore due to failure to submit detailed feasibility reports. The summit attracted 2,500 delegates from 15 countries, partnership with South Korea, Japan and Singapore and 55 bilateral meetings.

The fallout of differences between the BJP and its ally TDP were evident as only Union Commerce and Industries Minister Suresh Prabu attended the summit besides Union Civil Aviation Minsiter P.Ashok Gajapathi Raju.

Chandrababu said that ‘this is the one of the best summits I have seen and we want to strengthen our partnership with the AP government in various spheres by facilitating investments’. The reason for keeping their projects on hold could be due to promises made in the Special Category Status and later Special Financial Package not materializing so far, he said.