Andhra Pradesh’s chief minister Mr. N. Chandrababu Naidu recently inaugurated a slew of new projects in Sri City while also laying foundation stones for eight companies.
It was the first time since 2016 that a chief minister of Andhra Pradesh visited Sri City. Inaugurating 16 manufacturing units the chief minister also witnessed the signing of Memoranda of Understanding (MoUs) between Sri City and five more companies, signalling a commitment to further growth.
As per Sri City these new ventures represent a total investment of Rs. 1570 crore and are expected to create over 8,500 new jobs in the region.
Addressing a room full of senior executives the chief minister hailed Sri City for being home to a number of multinational companies from over 30 countries.
‘I really appreciate Chairman Mr Srini Raju and Mr Ravindra Sannareddy for doing remarkable work here and bringing Sri City to this level of achievement. Sri City is a unique project. I further want to make Sri City the most livable Industrial zone’ said Mr Naidu.
As many as 220 cos from 30 countries have garnered over USD 4.5 billion in investments and over 4 billion in exports in Sri City.
The integrated business city is often considered home away from home for many Japanese companies. Thirty Japanese cos have put in an estimated investment of USD 1.5 billion, created employment for 17000 while 220 Japanese expats work in Sri City.
The Chief Minister reaffirmed his government’s commitment to supporting investors, focusing on enhancing both the ease and speed of doing business, and reducing costs.
Also addressing the gathering Industries Minister Mr. T.G. Bharath informed that the government is working on a new industrial policy making it easier, faster, and more affordable to invest in the state.
‘CM has tasked us to come out with the best industrial policy and we are working towards it. Our biggest brand is CM Sir’ said the industries minister.
Fire Renewals in 5 years
Mr Naidu announced that fire renewals for industries will now be required every five years, not annually, and promised timely payment of pending incentives, infrastructure improvements, and lower water and power tariffs.
Expressing his heartfelt gratitude to the Chief Minister, Mr. Ravindra Sannareddy stated, “Your coming here in the first 100 days shows the commitment you have to the industrial community.
Under your dynamic leadership and forward-thinking industrial policy, Andhra Pradesh will continue as the preferred destination for global investments.”
The CM also inaugurated the newly built fire-station and laid the foundation for the new Hi-Tech Police Station, bolstering infrastructure and safety within the industrial hub.
Release of Incentives
The Chief Minister Mr N Chandra Babu Naidu reassured investors and businesses in Sri City of releasing their pending incentives.
‘I am aware of the incentives which are due to you and I assure you that despite the state’s bleak financial position we shall release your incentives.
This is my commitment to you’ said the chief minister. Mr Naidu also promised to further aggrandize infrastructure gaps and to solidify roads and other necessary infra works in and around Sri City.
