As the investment environment was badly suffered during the last five years of YS Jaganmohan Reddy’s regime, attracting fresh investments from national and international corporates remained a big challenge before Chief Minister N Chandrababu Naidu. Already he has been initiating several measures to create confidence among potential investors.
He has directed the officials Industries Department to take steps to make the state an investment hub. As a result, the authorities are exploring investment opportunities from big companies in the USA like Tesla. It may be recalled that some companies who came to invest heavily in the state had withdrawn their proposals following the exploiting regime of YSRCP.
A senior official of the Industries Department said that they are identifying companies that have not invested elsewhere and are sending letters to them asking them to come to the state. Officials are analyzing various investment deals that were materialized before 2019 and those who ran away from the state later.
The previous YSRCP government announced that it had concluded agreements on investments worth Rs.13.12 lakh crore in the investment conference held in Visakhapatnam. But hardly any one of them materialized. Now, officials are contacting respective companies to explore a positive response from them.
Without leaving the burden of creating confidence among potential investors, Chief Minister Chandrababu Naidu is himself likely to be involved with aggressive policy initiatives. Already preliminary negotiations are said to be initiated to raise awareness of the policy assurances such multi-national companies expect for massive investments.
Official sources are indicating that their main objective is to take the message across the country and also globe that here is a government headed by Chandrababu Naidu, who is known for his positive towards investors. The Economic Development Board has collected the details of companies showing interest in making new investments.
Details of more than 50 organizations have been prepared by EDB. Officials are identifying which investments have the potential to be realized immediately. The owners of the respective companies will be consulted soon. They are looking at the possibilities of investments mainly from Arab countries. An official said that they will also identify the companies that will invest in the long term and hold discussions with them from now on.