Hyderabad: The Asian Development Bank is to assist Andhra Pradesh government in setting up industrial zones at a cost of US $2.5 billion in the proposed Visakhapatnam-Chennai Industrial Corridor by inviting investors from Asian and European countries besides the US.
ADB Country Director Hun Kim, during a meeting with Chief Minister N Chandrababu Naidu here this morning, offered to appoint a special officer to monitor the progress of the proposed industrial zones, according to an official communication from the state government.
As part of the ADB’s plans, five industrial zones would be set up in Visakhapatnam, Kakinada, Machilipatnam, Anantapuram and Yerpedu-Srikalahasthi regions.
Work on the industrial zones would start in the next six months, the ADB country head said.
Kim assured the Chief Minister that ADB would enable companies and investors from Japan, Korea, China, USA and Europe to aid the state in industrial development, the official communication added.
Meanwhile, Naidu is expected to tour Japan, South Korea and China in November to attract foreign investments to the state.
