WEF: New Agreements signed by Andhra Pradesh

May 27, 2022

Andhra Pradesh Chief Minister’s interactions with the business leaders at the World Economic Forum (WEF) in Davos culminated in the clinching of many business deals for the State. Officials of the Industries Department and AP-Economic Development Board (AP-EDB) signed MoUs in a wide range of sectors.

What are the investments in green energy?

MoUs with Adani, Greenko, and Aurobindo for green energy projects account for a major share (₹1.25 lakh crore) of the total investments. Once these projects are implemented, around 27,700 MW of clean energy will be available. AP CM said that the state has the potential to increase the renewable energy installed capacity to up to 33,000 MW. The state officials also signed an MoU with Ace Urban Developers to set up a decarbonized manufacturing unit in Machilipatnam to tap green energy on a massive scale. The CEO of ArcelorMittal also showed a willingness to invest in green energy.

What are other highlights?

Andhra Pradesh signed a pact with the WEF for support to advanced manufacturing that helps in the manufacturing of world-class products. The focus of CM was on port-based industrialization. Therefore, he discussed the State’s export promotion policy with Dassault Systems and Mitsui OSK. Tech Mahindra assured support to Andhra University for drafting the curriculum. The company also said that it will help in transforming Visakhapatnam into a technology hub with a focus on artificial intelligence (AI). These agreements will help in transforming the State into a hub for Industry 4.0.

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