Union Finance Minister Arun Jaitley on Sunday inaugurated CII Partnership Summit-cum-Sunrise Andhra Pradesh Investment Summit. Visakhapatnam has been spruced up for the big event, as it is the first being hosted to showcase investment opportunities in Andhra Pradesh post-bifurcation. AP is an ideal investment destination and the Chief Minister began with a big bang by achieving 11 per cent growth rate, remarkable for any new State, Jaitley said in his address.
During the summit, MoUs for projects with an investment of Rs. 2 lakh crore, some of them big ticket projects, are expected to be signed. This is the 22nd edition of CII Partnership Summit. Unprecedented security arrangements have been made for the summit at APIIC Harbour Park. A performance showcasing different forms of folk dances and cinema choreography along classical dance form Kuchipudi was staged to welcome the delegates.
Andhra Pradesh has the potential to grow at 12 per cent annually contributing to the nation growing at nine per cent, Secretary DIPP Amitabh Kant said. Reliance ADA Group is set to deepen its ties in the State upon signing a MoU with the State Government to set up a Naval manufacturing establishment at Rambili. The company's chief Anil Ambani announced an investment of over Rs. 5000 crore in state-of-the-art naval manufacturing facility.