Eyeing Foreign Investment, Jagan Mohan Reddy Set To Host Investment Summit

The event, expected to be attended by representatives from more than 30 countries, will be held in Amaravati on August 9.

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Eyeing Foreign Investment, Jagan Mohan Reddy Set To Host Investment Summit

Chief Minister Jagan Mohan Reddy will meet representatives at the event next month. (File)


Amaravati: 

Andhra Pradesh Chief Minister Jagan Mohan Reddy is all set to hold an investment summit, in partnership with the Ministry of External Affairs, next month in a bid to boost foreign investment - and create jobs -- in the state. The event, expected to be attended by representatives from more than 30 countries, will be held in Amaravati on August 9.

This is the first such initiative by the Jagan Mohan Reddy government, which swept to power two months ago. With job creation as one of the primary focus areas of the state government, the state assembly passed a bill last week to reserve 75 per cent of jobs for locals in all the industrial units in the state.

The quota for locals in the state would improve employment prospects for the youth in the state, Industry Minister Mekapati Gowtham Reddy has said.

The state government has also said it aims to create large-scale employment opportunities by promoting establishment of industrial units in the state.

The new chief minister has said more than four lakh government jobs have been created for volunteers in the village and ward secretariats. The government, he said, is also filling various job vacancies that were kept pending by the previous government.

The international business event in Amaravati will be held in two phases. In the first phase, Jaganmohan Reddy will meet the ambassadors and consulate generals from different countries. In the second phase, he would hold individual meetings with the representatives of different countries.

At the conference, the chief minister will explain how his government's vision will benefit the industrial sector.

A day before the international meet, South Korea-based Kia Motors will launch its new car and has invited the chief minister to unveil the roll-out at Penukonda in Anantpur.

Representatives of Kia Motors have already met officials from the state government. In June, Kia Motor President and CEO Han-woo-Park wrote to the chief minister recalling his association with his father and former Chief Minister YS Rajashekar Reddy.

Jaganmohan Reddy, who was elected with a huge mandate in the state elections in May, has set "pro-poor growth with zero tolerance for corruption" as its motto. Soon after he was elected, he decided to review the projects sanctioned before April 1.

Accusing the Chandrababu Naidu government of corruption, the state government has also said they will independently apply for a loan again for development projects in Amaravati after World Bank and China-backed Asian Infrastructure Investment Bank decided not to fund the projects.



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