In a first major initiative by the new government of Andhra Pradesh to attract foreign investments to the state, CM YS Jagan Mohan Reddy has decided to hold a major International Investment Summit in the state eyeing to create more employment opportunities to locals. This is a welcome move by Jagan following the passing of crucial bill of 75 percent reservation to locals in jobs in all formats of industries, private firms, companies that are coming up in the new state.
AP International Investment Summit is being held in association with the Ministry of External Affairs and it is going to be held on August 9 in Amaravati. It is learnt that representatives from more than 30 countries are expected to participate in the summit.
The international investment summit is going to be held in two phases. In the first phase, CM Jagan will meet the ambassadors and consulate generals from different countries. And in the second phase, he would hold individual meetings with the representatives of different countries and likely to discuss on the proposed investments. At the conference, CM Jagan is expected to explain how his government’s vision will benefit the industrial sector and likely to make some key policy decisions of the state in favour of investors.
Meanwhile, it can be noted that a day before the international meet, CM Jaganmohan Reddy will be unveiling the Kia Motors first car in India at the company’s manufacturing unit at Penukonda in Anantapur. South Korea-based Kia Motors had signed a memorandum of understanding with then TDP-led AP government in April 2017 for setting up the car manufacturing plant with an investment of USD 1.1 billion on a 536-acre site at Penukonda in Anantapur to produce three lakh cars a year. And it started its manufacturing from Jan 2019. A day before the international meet, CM Jagan will take part in this milestone event.
On the other hand, the representatives of Kia Motors have already met officials from the state government. In June, Kia Motor President and CEO Han-woo-Park wrote to new CM YS Jagan recalling his association with his father and former CM late YS Rajashekar Reddy.
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