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Chief Minister Shri N. Chandrababu Naidu virtually inaugurated five industrial units in Sri City during the 30th CII Partnership Summit in Visakhapatnam, while the state signed agreements for 12 new projects worth INR 2,320 crore across engineering, food processing and pharmaceuticals. These ventures are expected to create 12,365 jobs. Naidu said Sri City had become India's leading industrial township, home to global manufacturers like Daikin, Isuzu and Cadbury, and noted that Andhra Pradesh has already cleared INR 8.8 lakh crore in investments from several countries. He announced plans to allot 6,000 more acres and develop an airstrip, positioning Sri City as a major hub expected to employ 1.5 lakh people.
Chief Minister Shri N Chandrababu Naidu virtually inaugurated five industrial units in Sri City during the 30th CII Partnership Summit in Visakhapatnam. State authorities also formalised agreements for 12 new projects totalling INR 2,320 crore, covering sectors such as engineering, food processing and pharmaceuticals. According to the official communication issued at the event, these upcoming ventures are expected to generate 12,365 jobs. Advertisement
During his address, the Chief Minister remarked that Sri City had emerged as the country's leading industrial township, noting that companies such as Daikin, Isuzu and Cadbury were manufacturing and supplying products to global markets from this location. He stated that industries from multiple countries should consider Sri City as an investment destination, adding that the state had already approved investments worth INR 8.8 lakh crore for healthcare, engineering, electronics, automobiles and medical device enterprises from countries including Belgium, Japan, the UK, Germany and Australia.
He also indicated that an additional 6,000 acres would soon be allocated to Sri City, enabling firms from over 50 countries to operate from the township. The Chief Minister further mentioned plans to develop an airstrip near Sri City, asserting that the area would evolve into a significant development hub with approximately 1.5 lakh people working there in the near future.
Situated in Tirupati district, Sri City currently includes a multiproduct Special Economic Zone, a Domestic Tariff Zone, a Free Trade and Warehousing Zone and an electronics manufacturing cluster. The Chief Minister also pointed out that Andhra Pradesh was setting up escrow accounts as part of its industrial incentive framework, describing it as the first such initiative in the country.
Source - PTI
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