The Andhra Pradesh government as inked staggering Rs 10.54 lakh crore worth memoranda of understandings (MoUs) involving investment proposals at the two-day 23rd edition of the two-day CII Partnership Summit concluded at Visakhapatnam last evening. If the prospective investors carry forward their proposals to their logical conclusion, about 22.34 lakh jobs could be generated in the state. A total number of 665 MoUs were signed.

Petroleum and petrochemicals, automobiles, biopharma, textiles, energy and tourism attracted the highest number of investment proposals at the summit this year. As much as Rs 1.43 lakh crore were promised in the oil and gas sector. PSU oil companies, including ONGC, HPCL, and GAIL, came up with big ticket investments of up to Rs 1.28 lakh crore.

During the last edition of the CII Summit last year, 328 MoUs were signed attracting investment proposals of Rs 4.67 lakh crore to the State. Of the total MoUs, around 50 per cent have translated into investments and the projects are in various stages of execution.

Chief Minister N Chandrababu Naidu said the state government will deploy a liaison officer to pursue each of the MoUs and ensure ease of doing business for the investors. “We will provide necessary permissions within 14 days. It would be a major boost for the State which is developing into a petrol hub of the country. Agreements have been signed for major projects in other sectors,” he said.

More than 2,500 delegates, including 350 from over 50 foreign nations, attended the Summit. Delegates networked for their business expansions and discussed important issues relating to the Indian economy and global economy.

The Partnership Summit which is also referred to as the second Sunrise Andhra Pradesh Investment Meet was organised by the CII in cooperation with the Department of Industrial Policy and Promotion, Union Ministry of Commerce and the Andhra Pradesh government.