Agreements signed for total investment of $10 billion: CM

Chief Minister N. Chandrababu Naidu has said that five Memoranda of Understanding (MoU) and 75 Letters of Intent (LoI) were signed for a total investment of $10 billion (with a potential to generate employment for 50,000 people) during his one-to-one and delegation-level meetings with the who’s who of the corporate world in Dubai and London and in the U.S.

In all, he met 800 CEOs and senior management cadre of top MNCs.

Addressing the media here on Saturday, Mr. Naidu said the intent of a sizeable number of the agreements was to bring best practices to the agriculture and horticulture sectors, whose potential in Andhra Pradesh could not be fully realised because of the low degree of mechanisation in the production of quality seed and harvesting.

The agreements with Iowa State University for the establishment of a seed park in Kurnool district, Dubai Aviation City LLP for an aero-city ($ 7.50 billion) and Al-Arfaj Group for a petrochemical complex in coastal Andhra were the most significant collaborations.

The government is organising an Agri-hackathon in which Bill Gates and other senior administrators and scientists of the Bill and Melinda Gates Foundation would take part in Visakhapatnam next month. The prize-winning technologies would be replicated.

Mr. Naidu said the government was following up the proposal for funding the construction of Amaravati by World Bank (WB), notwithstanding the attempts by leaders of the YSR Congress to scuttle the project by lodging false complaints with the global lender.

The government successfully completed land pooling for the capital amidst many odds as the farmers were convinced with its intentions and the transparent manner in which the scheme was implemented. “I am confident the WB loan will fructify. Otherwise, we have to scout for alternative sources of funding,” he observed.

Amaravati designs

Mr. Naidu said the administrative capital would come up on 258 acres with the Assembly in the middle of a waterfront and offices of Secretaries and Heads of Departments situated in four high-rise towers.

Since the buildings would be permanent and were supposed to last long, Foster + Partners (F+P) was given more time to come up with the best of designs that would reflect the region’s history dating back to 2,000 years.

A few designs for the Assembly and the High Court had been almost finalised and were in finishing stages, he stated.