Visakhapatnam:Chief Minister N. Chandrababu Naidu on Friday said the government would closely monitor investment agreements to ensure that they translate into projects on the ground.
He warned that land allotted to industries would be cancelled if investors failed to use it for the intended purpose within the stipulated time-frame.
Addressing a press conference after the two-day CII partnership summit here, Naidu said the government would publish an annual audit report on the progress of investment MoUs. He also announced plans to introduce a dedicated Investment Protection Act to safeguard investments made in the state since June 2024.
The CM said the government was shifting its goal from ‘Ease of Doing Business’ to `Speed of Doing Business’ through self-certification, real-time clearances, transparency and accountability.
Asked whether action would be taken against companies that obtained land at concessional rates but failed to establish projects within the promised timeframe, Naidu said, “Land is allotted for a specific purpose and cannot be diverted for any other use. If there is a violation, the allotment will be cancelled automatically. Every project has a timeline. MoUs and land allotments will be reviewed regularly. Investors who perform well will be encouraged and supported for expansion.”
The CM said an escrow account system for industrial incentives became operational on November 12 to ensure transparency and reliability in payments to industries, including MSMEs.
The government, he said, had conducted 11 investment roadshows, including five abroad and six within India, before holding sector-specific regional conferences. Between the regional conferences and the main summit, AP secured 303 agreements involving proposed investments of `9.89 lakh crore and the potential creation of 3.48 lakh jobs.
According to the government, 194 agreements worth `86,522 crore were signed during regional conferences across the state, while the Visakhapatnam summit resulted in 109 agreements worth `9.02 lakh crore.
Naidu said the total investment proposals received by the state since June 2024 had reached `32.49 lakh crore.
He cited Kia’s proposed investment of `18,878 crore to expand production at its Penukonda facility as evidence of investor confidence in the state’s industrial policies. The expansion is expected to create 12,000 jobs.
Naidu said Amaravati would be developed as a quantum computing hub, with Made in Amaravati quantum computers promoted for global markets. Visakhapatnam, he said, would be developed as a major centre for IT, tourism, artificial intelligence and data centres.
The chief minister also outlined priorities including agricultural technology, the Cocoa Mission, promotion of Araku coffee, a state-wide skill census, improved transport connectivity, river interlinking and completion of irrigation projects worth `35,000 crore.
Describing the CII Partnership Summit as an investment and knowledge-sharing platform, Naidu said AP would continue to compete for investments while working with neighbouring states and the Centre for regional development.
Union Minister Kinjarapu Ram Mohan Naidu, state ministers K. Atchannaidu, Ponguru Narayana, Kolusu Parthasarathy, Kollu Ravindra, Satya Kumar Yadav and Kondapalli Srinivas, and MPs Bharat and Tenneti Krishna Prasad attended the press conference.
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