AP’s Investment Focus Shifts to Visakhapatnam

Visakhapatnam is fast becoming the financial and investment hub of Andhra Pradesh, IT Minister Nara Lokesh said on Friday. He highlighted the city’s growing role in the State’s economic growth during the inaugural session of the 30th CII Partnership Summit in the port city.

“Chief Minister Nara Chandrababu Naidu, co-chairman of this summit, is fast-tracking Amaravati’s development as the State Capital and positioning Visakhapatnam as Andhra Pradesh’s financial capital,” Mr. Lokesh said. He added that the government is focused on building infrastructure, facilitating investments, and creating a business-friendly environment to attract both domestic and international companies.

Speaking on ease of doing business in the city, he said, “Permissions and land allocations are processed swiftly. With double-engine governments at the State and Centre, every investment in Andhra Pradesh is treated as a government-backed initiative, with full support for investors.”

Mr. Lokesh also credited Union Minister Piyush Goyal, chairman of the summit, for supporting Andhra Pradesh’s goal of becoming a $2.4 trillion economy.

He noted that Visakhapatnam’s strategic coastal location, expanding port facilities, and ongoing infrastructure projects make it attractive for IT, finance, manufacturing, and renewable energy investments. “Visakhapatnam is not just a city; it is becoming the gateway to Andhra Pradesh’s growth,” he said.

The minister’s remarks come amid growing interest from global investors keen to leverage the city’s connectivity, skilled workforce, and policy support for large-scale projects.