Andhra Pradesh Chief Minister N Chandrababu Naidu on Saturday virtually inaugurated five industrial units in Sri City and witnessed the signing of agreements for 12 more projects worth over ₹2,300 crore at the 30th CII Partnership Summit here. The upcoming projects, which span the engineering, food processing, and pharmaceuticals sectors, are expected to generate 12,365 jobs.
"Chief Minister Chandrababu Naidu virtually inaugurated five units in Sri City and agreements were signed for 12 more projects with an investment of ₹2,320 crore," an official press release stated.
Addressing the ceremony, the Chief Minister hailed Sri City as the best industrial township in the country, noting that companies like Daikin, Isuzu, and Cadbury manufacture and supply their products to the world from the location.
"Industries from various countries should come to Sri City. We have approved investments worth ₹8.8 lakh crore for healthcare, engineering, electronics, automobile and medical device companies from Belgium, Japan, UK, Germany, Australia, and others," said Naidu.
He announced that very soon, 6,000 acres will be made available to Sri City, and firms from more than 50 countries will operate from there. Promising to build an airstrip nearby, the CM predicted that Sri City will emerge as a model for development, with 1.5 lakh people working there soon.
Located in Tirupati district, Sri City currently houses a multiproduct Special Economic Zone (SEZ), Domestic Tariff Zone (DTZ), Free Trade & Warehousing Zone (FTWZ), and an electronics manufacturing cluster.
Furthermore, Naidu exhorted that the southern state is arranging escrow accounts for industry as part of incentives, claiming this is being done for "the first time in the country."
Also read: Naidu pitches Andhra as top investment hub at CII Summit
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