UAE-based biz group seeks Rs 10,000 cr investment in Andhra

The UAE-based Business Leaders Forum (BLF) has sought investments of up to Rs 10, 000 crore in Andhra Pradesh with the partnership of the state government to spur growth in avenues such as food park.

The BLF and India Trade & Exhibition Centre m.e. (ITEC) signed two separate Memoranda of Understanding (MoUs) with the Andhra Pradesh Economic Development Board (APEDB).

The MoUs were signed last week in Hyderabad in the presence of Andhra Pradesh Chief Minister N Chandrababu Naidu, who has secured investments of over USD 12.52 billion.

The BLF is a joint initiative by the UAE Ministry of Economy, Indian Embassy in Abu Dhabi and Indian Consulate in Dubai to boost cross-border investment.

"We are looking at a sizeable project that could require investment of up to Rs 10,000 crore in which the state government would be a possible partner. We are looking at a possible food park, a medical city, large infrastructure project, among other avenues," Dr Ram Buxani, President, BLF, said.

The ITEC, represented by its Director General Sripriyaa Kumaria, has signed an MoU with the APEDB to provide employment to 1,000 skilled people from Andhra Pradesh in the UAE by engaging with the UAE's employers and help boost two-way investment between Andhra Pradesh and the UAE.

The BLF recently led a 10-member investment delegation to the Indian state of Andhra Pradesh to explore new investment opportunities in partnership with the state government in key economic sectors, including health, education, manufacturing food services, information technology and infrastructure.

The delegation, mostly comprising NRI investors and businessmen, met Naidu and discussed ways to facilitate investment from the UAE to Andhra Pradesh. The move is part of the annual mega business conference India-UAE Partnership Summit that was launched last year. Its second edition will be held from October 30-31, 2018.

"I am pleased to announce the signing of two important MoUs with Andhra Pradesh Government that will form the basis of our future cooperation and continuous engagement to boost investment," Buxani said.

The signing of MoUs comes weeks after the Andhra Pradesh government signed a USD 4.62 billion investment agreement with Emirates Airline to develop a large maintenance, repair and overhaul (MRO) facility.

In October 2017, Naidu witnessed the signing of two MoUs with as many UAE business groups which collectively committed to invest USD 7.5 billion in the state.

Chairman of ITEC, Shri Sudesh Agarwal assured that ITEC would engage with the large investor groups to invest in high-growth investment areas and expressed hope to bring other major states in India under a similar process.

Lulu Group, a retail group based in the UAE, is developing a hotel and a convention centre with a total investment outlay of USD 400 million in the state. The collective value of these four projects exceeds USD 12.52 billion.