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AP eyes Chinese pie; Constitutes task force to attract investments


Press Trust of India  |  Amaravati(AP) 

Anticipating that India would

emerge as an alternative hub to China for investments in the backdrop of COVID-19 outbreak, the Andhra Pradesh government has constituted a task force panel to attract companies to the state.

The task force will be headed by Mekapati Goutham Reddy, Minister for Industries and IT while senior bureaucrats are members.

"Economic issues and supply chain constraints caused by COVID-19 has resulted in many countries to rethink their investments in China," a Government Order issued on Thursday said.

Reports indicate that the US, South Korea, Japan, Taiwan, Vietnam, Singapore among others are likely to diversify their supply chains from China and India could emerge as an alternative investment destination for doing business.

"Further, this Task Force will continue to act as a forum for attracting investments on a long term basis, as well, into the State," it said.

The task force will meet once every month to review the progress of investment proposals received and examine the special package of incentives requested by the investors and get it processed in accordance with the policy of the government, among others.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, May 22 2020. 20:11 IST