Foreign firms eager to invest in Andhra Pradesh: Minister

Many investors from Japan, Switzerland and Singapore have evinced interest in setting up ventures in Andhra Pradesh, which is aggressively promoting itself as a hub for IT and electronic firms, a Minister said today.
Chief Minister N Chandrababu Naidu recently visited these countries to promote Andhra Pradesh and investors there have shown interest in coming to the State, Information Technology Minister Palle Raghunatha Reddy said here.
Addressing a gathering at the Vizag Startup Village, he said Andhra Pradesh is aiming at 500 startup companies by the year-end.
The Minister handed over agreement papers to five entities who had applied for space at the Village, which provides an entrepreneurial ecosystem and a world-class incubation facility.

Reddy said Wipro and Tech Mahindra had already agreed to start their operations in the Village, providing employment to 6,000 people by each of them.
The state is aiming at 500 start-ups by the year-end and 5,000 within 5 to 6 years, he said.
"We are also targeting Rs 12,000 crore and Rs 30,000 crore investments in IT and electronics sectors respectively. We have introduced a single window clearance system through which an application to start an industry will be cleared in just four weeks," Reddy said.
Later talking to reporters, the Minister said ITIRs (Information Technology Investment Regions) will be set up in Visakhapatnam, Tirupati and Anantapur.