As many as 665 pacts worth about Rs10.5 lakh crore, spanning across sectors such as oil & gas, healthcare and mining, were signed during the two day Andhra Pradesh investment summit.
Addressing investors at the end of the summit on Saturday, Andhra Pradesh Chief Minister Chandrababu Naidu promised ‘transparent and corruption free’ administration as he invited industries to invest in the state.
He said as many as 665 memoranda of understanding (MoUs) worth Rs10.5 lakh crore were signed during the summit which has a potential to generate 22 lakh new jobs. The investment commitments were double the Rs4.67 lakh crore that had come in through 320 MoUs at last year’s summit. “After you have signed the MoUs, it is no longer your business, it is our business. All clearances will be given within 14 days. I will offer you transparent and corruption free administration,” Naidu told investors. He said the oil and gas industry has signed MoUs worth Rs1.43 lakh crore and the state can become a hub of hydrocarbons and petrochemicals.