Odisha beckons business community of Andhra Pradesh to explore investment opportunities

Visakhapatnam: Industries Department of the Government of Odisha organized a two-day Investors’ Meet in Visakhapatnam, where more than 50 industrialists, investors and industry confederations from Andhra Pradesh explored investment opportunities in the state of Odisha. The Investors’ Meet generated strong interest among the business community of Andhra Pradesh as Government of Odisha is currently developing several mega projects which will provide investors with world class infrastructure in various sectors.

Odisha’s State Level Single Window Clearance Authority has recently approved a proposal from Visakhapatnam based Coastal Corporation Limited to set up their operations at Seafood Park in Deras. The company will invest around Rs 51 Crore and will generate 300 employment opportunities. The first of its kind seafood park project generated strong interest among several sea food processing companies in Vizag during the Investors Meet organized in the city. Additionally, Federation of Telangana and Andhra Pradesh Chambers of Commerce and Industry (FTAPCCI) and Vizagapatnam Chamber of Commerce and Industries have proposed to send a delegation to visit Odisha and explore investment opportunities in the state.
Following the success of Make in Odisha and Investor’s meet in Mumbai and Bengaluru in 2016, Odisha has already received firm investment commitments for 74 projects worth more than Rs 2 lakh Crore and currently the State Government is focusing on rapid implementation of these projects.
Speaking on the sidelines of the Investors’ Meet in Visakhapatnam, Mr. Sanjeev Chopra, Principal Secretary, Industries Department, Government of Odisha said, “We are pleased to receive such warm welcome from the vibrant business community of Andhra Pradesh. Odisha’s business friendly policies and the development of world-class infrastructure have received very positive feedback from investors across the country as we have been able to create an ideal business ecosystem for various sectors to flourish in the state. Over the last 3 years, the State Government has embarked upon the implementation of a Business Reforms Program to make it easier for companies to set up and operate in the state following which Odisha has been recognized as a ‘Leader’ in terms of implementation of business reforms with 92.73% score in the Ease of Doing Business Report of 2016.”
Mr Sanjay Singh, CMD, Odisha Industrial Infrastructure Development Corporation (IDCO) said, “The State government is highly optimistic over the new world-class industrial infrastructure facilities that have been set up across the state in the form of four investment regions and various sector-specific industrial clusters. Master planning of National Investment & Manufacturing Zone, Kalinganagar, Dhamra Port-based industrial region and Infovalley have been completed, while the planning for Petroleum Chemicals and Petrochemicals Investment Region at Paradip is underway and will be completed in the next 3-4 months. Meanwhile other mega projects in Odisha like Plastics Park at Paradip, Sea Food Park at Deras, Electronics Manufacturing Cluster at Infovalley and Aluminium Park at Angul are now ready for investments”.
Under the leadership of Hon’ble Chief Minister of Odisha, Shri Naveen Patnaik, the state registered a GSDP growth rate of 7.94 percent in 2016-17 surpassing the national growth rate of 7.1 percent. Odisha has also created a long term roadmap for industrial development named ‘Vision 2025’ with a focus on diversifying the industrial development in the state. Odisha Government has set a target of generating employment for 30 lakh citizens by attracting investments worth Rs 2.5 lakh Crore in the focus sectors that include Ancillary and Downstream in metal sector; Chemicals, Plastics and Petrochemicals; Electronics Manufacturing and IT; Agro & Seafood Processing, Tourism; Textiles and Apparel.
Pioneering in single window clearance procedures, Odisha’s Single Window Clearance Authority is also committed to review and dispose all investment proposal in a period of just 20 days. With large number of industries evincing interest to start operations in Odisha, the state government is focusing on rapid on-ground implementation of these projects. An inter-ministerial committee is closely monitoring the process which is chaired by Minister for Industries, Shri Niranjan Pujari.
With the in-principle approval in place for the inclusion of Odisha in the East Economic Corridor and the state being optimistic for the selection of its Coastal Economic Zone in the first phase of development under Sagarmala Project, it will further spur industrial development in the state.