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Foreign investment in AP not up to expectations, says minister

Despite high potential for foreign investment, Andhra Pradesh was able to attract only 369 such proposals valued at Rs 60 billion in the post-liberalisation period.

Major Industries Minister P Chandrasekhar said in New Delhi on Wednesday that the actual investment was estimated around Rs 3.44 billion. Andhra Pradesh ranks eighth in terms of actual investment though it had been ranks second as a potential state for foreign investment.

He said in the last four years, the state had doubled its exports, thanks to higher investment in the exportable products industries to the tune of Rs 71.43 billion.

The state government had announced a series of concessions to widen the production base with all government agencies playing a catalytic role. The state government also owns an export house, which had been helping the small-scale units to sell their products abroad, he said.

With the objective to increase exports of software products, the state government has set up Hyderabad Information Technology and Engineering Consultancy City at a cost of Rs 1.20 billion at Hyderabad. The city would be dedicated to the nation by Prime Minister Atal Bihari Vajpayee on November 22.

He said a wide range of products were exhibited at the International Trade Fair, which include the famous Hyderbadi pearls, silk sarees and a number of handicrafts items. In all, 168 small and big companies were participating in the fair, he added.

UNI

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