Chief Minister, YS Jagan Mohan Reddy, CEO of Yokohama Off-Highway Tires, Nitin Mantri, and officials lay the foundation for manufacturing facility at Atchutapuram SEZ. (Photo by arrangement)
VISAKHAPATNAM: Chief Minister Y.S. Jagan Mohan Reddy has said Andhra Pradesh is rapidly progressing. It is promoting industrialization and major corporate entities are looking forward to making investment in the state, he said at the AP SEZ in Anakapalli district on Tuesday.
Inaugurating the first phase of the AP Tires unit, the chief minister said the Japan-based Yokohama company has begun production after 15 months of its initiation in AP and the second phase is likely to be ready for production a year hence.
"I hear that the company stands in fifth place in world ranking and is likely to rise to the third spot soon," the Chief Minister said, adding that the arrival of such a company in AP was a happy sign.
In the first phase, the company has invested Rs 1,250 crore, providing employment to over 1,200 people. In the second phase, employment would be created for over 800 people, he said.
The Chief Minister said that during the past three years, an investment of Rs 39,350 crore has come to the state from 17 large-scale industries. This apart, 56 major industries would be setting up shop in the state in the next two years, he said.
"In the MSME sector, 31,671 industries are investing Rs 8,285 crore. A revival package of Rs 1463 crore was given to sick MSMEs," he said.
"Earlier, Adani was just a name to us. But after the YSRC came to power, both the top industrialists, Adani and Ambani, have been looking up to AP for investment," he added.
"In all, Rs 1.54 lakh crore is coming in as investment, providing employment to over 1.64 lakh people," he said and added that within two months, the Adani Data Centre is coming up at Vizag and locals will get 75 per cent of the jobs.
AP is the only state with three industrial corridors, four new ports and nine fishing harbours. "For every 50km, there will be one port or harbour. This will increase exports from AP by 10 per cent,’’ he said.
Jagan Mohan Reddy said that for three consecutive years, AP has been on top in the Ease of Doing Business list. The government will extend full cooperation if they come forward to set up units in AP, he said.
The Chief Minister stressed that, as a matter of policy, it was compulsory for all new industries to reserve 75 per cent of their jobs for locals.
Minister for Industries and IT Gudivada Amarnath, deputy chief ministers Rajanna Dora and Mutyala Naidu were present.