South Indian state targets NRIs in effort to lure Gulf investment

Dubai: Andhra Pradesh is the most investor-friendly state in the IT and industrial sectors, said K. Rosaiah, Finance Minister of the south Indian state.

He called on Gulf NRIs to invest in the state and promised all facilities to them.

Rosaiah said Andhra Pradesh is the only state in the country that provides cheap energy for industry. It has cut power tariffs by 4.1 per cent to attract more investments. The state has been rated No 1 by Crisil for its power reforms despite providing free electricity to 240,000 farmers, he said.

The minister was speaking at the inauguration in Dubai of the A.P. Entrepre-neurs Forum set up by Andhra businessmen here.

He said the state offers investment opportunities in the IT, IT-enabled services, agro industry, biomedical and infrastructural sectors. "The state offers many opportunities. All that is needed is exploration," he said.

Dr Shankar, the brain behind the Forum, said the new body would function as a platform for Andhra-ites who have set up their businesses here. "The A.P. Entrepreneurs Forum will provide guidance to new entrepreneurs and help them achieve their dreams." Koneru Prasad, a prominent industrialist in Dubai, said the key to success is looking for opportunities and not for help.

He said the Forum would, however, help new entrants into business by exchanging views and facilitating interaction with government departments.

He said Andhra Pradesh, under the chief ministership of Dr Y.S. Rajasekhara Reddy, is developing at a tremendous pace and investors have several avenues in which to participate and benefit.

Prasad said the state capital Hyderabad has sister city status with Dubai and Emaar is investing Rs7.5 billion in construction projects in the state.

He also proposed setting up a fund by pooling money and exploring business opportunities "in commercially viable infrastructural projects so that we can benefit mutually".

He said the retail business in India has been growing by 30 per cent. Malls, hotels and multiplexes are among the areas that can be considered for investment.