Foreign investments to AP touch record high says Centre

The Centre has announced positive news for Andhra Pradesh, revealing that the state has achieved a remarkable milestone in attracting foreign investments. Union Minister of State for Commerce and Industry, Som Parkash, informed the Rajya Sabha that foreign investments in Andhra Pradesh have reached a record high.

In response to a question posed by TDP MP Kanakamedala Ravindra Kumar about foreign investments in the state amid concerns about industries withdrawing, the Centre provided the following figures:

• October 2019 – March 2020: USD 200.97 Million
• 2020 – 2021: USD 85.85 Million
• 2021 – 2022: USD 224.96 Million
• 2022 – 2023: USD 284.22 Million

The Union Minister stated that despite a decline in investments during 2020-21, investments picked up the following year and soared to an unprecedented level of USD 284.22 million in 2022-23.

The YCP government attributes this success to the leadership of Andhra Pradesh’s Chief Minister, YS Jagan, and highlights that the state hosted a successful global investors summit in Vizag. During the summit, approximately Rs 14 lakh crore worth of investments were announced, countering criticisms from the TDP regarding the absence of participation in the investment summit at Davos.

Furthermore, the YCP Government proudly claims that Andhra Pradesh has consistently held the top position in the Ease of Doing Business (EoDB) rankings for the past few years. The state offers various incentives and streamlined approval processes, making it easier for businesses to establish and thrive within its borders.