India Business
Singapore keen to invest in Andhra Pradesh
May 11, 2007 - 9:14:15 PM

Hyderabad, May 11 - The government of Singapore Thursday showed keen interest in exploring the possibilities of making huge investments in Andhra Pradesh, especially in the areas of construction, port development, industrial parks and biotechnology.

Chief Minister Y.S. Rajasekhara Reddy had an hour-long meeting in Singapore with Prime Minister of Singapore Lee Hsien Loong and former prime minister and senior minister Goh Thok Tong.

According to a statement from the chief minister's office here, the Singaporean prime minister agreed to nominate a minister to study the investment opportunities in Andhra Pradesh and in turn the chief minister agreed to appoint a separate minister to coordinate with the Singapore officials and investors.

During the meeting, Reddy told the Singaporean leaders that Andhra Pradesh is the best destination for investments in India.

The chief minister said that the growth of software in Andhra Pradesh was phenomenal and the state achieved 51 percent increase in software exports, much above the national average of 36 percent.

He said that Hyderabad has become a silicon valley of Asia, and the IT and ITES - activities are now spreading to new areas like Visakhapatnam, Vijayawada and also to rural areas.

Reddy agreed to Goh Thok Tong's suggestion to organise a one-day seminar on Andhra Pradesh to showcase the state and its abundant resources and opportunities to the multinational companies - and investors of Singapore.

The Singaporean leaders told the chief minister that they preferred Visakhapatnam to Gujarat, since the former has both air and sea port facilities and takes only three hours from Singapore on plane.

The chief minister told the leaders that a new international airport will come up at Visakhapatnam soon.

Earlier, speaking at an international conference of the Singapore Indian Chambers of Commerce and Industry - Reddy said Andhra Pradesh is offering maximum incentives to the investors.

He invited the MNCs, industrialists and global investors to come forward and invest in the state and reap several benefits.

The chief minister explained in detail about the several opportunities, infrastructure, land and other benefits available in the state.

Reddy said Andhra Pradesh is known as the gateway of South-East Asia. It has easy access to economically developed countries like Japan, Singapore, Malaysia and Australia.

Reddy, who is leading a delegation of top officials, arrived in Singapore after winding up a four-day visit to the US.

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