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Naidu invites funds for IT, bio-tech in AP

Bio-technology, business processing outsourcing and information technology related services has been highlighted as the areas in which Andhra Pradesh is especially interested in and the state has ambitious plans to provide facilities to entrepreneurs investing in these areas.

"These are the industries of the future and the state is most suited to host them," Chief Minister N Chandrababu Naidu told reporters in New York on Sunday after separate meetings with top officials, including CEOs, of several major corporations.

The state, he said, has undertaken major expansion of educational facilities especially in engineering, computer sciences and medicine.

It has a huge pool of highly qualified manpower with 26 universities producing 45,000 engineers and 105 polytechnics and 563 industrial training institutes turning out thousands more skilled workers every year, he said.

Stating that Hyderabad's special emphasis was on turning information technology and Internet into major tools of development, removing poverty and empowering people, he said by next year, the state would be producing highest number of engineering graduates.

His idea, he said, was to turn Andhra Pradesh into a "knowledge state" with capital Hyderabad as the "knowledge hub."

He said he had fruitful meetings with top officials of major corporations.

"With software market slowing down, BPO is bound to see a huge rise as the companies, in an effort to cut costs, look for cheaper alternatives in countries which have competent work force," he said.

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