Jagan opens doors for foreign investments

Chief Minister Y S Jaganmohan Reddy had opened the flood gates for the foreign investments in the State. He had presented the investment opportunities for the ambassadors and consul generals of 35 countries who attended a diplomatic outreach programme organised jointly by the State and the Central governments in Vijayawada on Friday. He addressed them and made Industries Minister Mekapati Gowtham Reddy, finance minister Buggana Rajendranath and chief secretary L V Subrahmanyam, who offered several incentives for the foreign investments.

Jaganmohan Reddy wanted the ambassadors to invest in energy, tourism and other sectors, where the government is willing to give additional benefits including reducing the inspection raj and the influence of bureaucracy in industry management. He also told them his initiatives like review of the power purchase agreements and introduction of 75 per cent jobs to the locals in any industry or factory to be established in the State. He told them that the review of the power purchase agreements would bring down the power bills for the industries, which were now paying huge power bills. Besides, the PPAs have become a financial burden on the State government, he told them.

On the 75 per cent job reservations for local youth, Jaganmohan Reddy told them that the government would shoulder the responsibility of skill training for the youth to suit to the industry. After a day-long interaction, South Korea, United Kingdom, Singapore, Bulgaria have come forward to invest in the State initially. Even a small country like Estonia, which is the technology leader in the world, is ready to invest in the State. It is planning to invest in the cyber technology, according to the initial reports.

It is to be seen how the State government would explore the offers extended by the diplomats from the 35 countries in the days to come.

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