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Naidu seeks MNC investment in AP

January 25, 2003 13:38 IST

Andhra Pradesh Chief Minister N Chandrababu Naidu met CEOs of several global companies and participated in "India Networking" session at the World Economic Forum meeting in Davos on Friday and sought investments in the state.

"India is now a global super power in Information Technology and is emerging as the back office to the world. There is no doubt that the world will outsource to India because of lower costs, but also benefits from higher productivity," Naidu said while addressing a luncheon session focussing on 'India Networking'.

According to a release from Chief Minister's Office in Hyderabad, Naidu had a one-on-one meeting with the director of the automobile giant Volkswagon Robert Buchelhofez who expressed keen interest to enter the Indian market and agreed to send a delegation to Andhra Pradesh to develop facilities for establishing an automobile unit.

The CEO of Bombardier International, Canada, Robert Greenhill also met Naidu and evinced interest in locating Transportation Engineering Centre in Hyderabad and in implementing urban transport projects on par with international standards.

Greenhill also assured the Chief Minister that he would explore possibility of developing regional airlines to connect important cities in the state, the release said.

The chief minister, accompanied by Major Industries Minister K Vidyadhar Rao and other officials, attended Canada-India Leadership breakfast meeting and discussed about furthering bilateral business relationship.

Naidu invited a Canadian delegation to visit Andhra Pradesh and explore investment possibilities. Naidu was informed that a Canadian business delegation would visit India next month followed by reciprocal visit by Indian delegation in March.

He also held discussions with the President of Pepsico Inc Indra K Nooyi and sought investments in the state's food processing sector.

While appreciating the initiatives of the state government, Nooyi agreed to visit the state in a couple of months and work out details for investments, the release said.

Participating in 'India Networking' luncheon session, Naidu outlined the progress made by the country in various sectors in the post-reforms scenario.

"Indian economy is in the midst of an exciting transformation. I invite you join and become part of the excitement," Naidu told the leaders of global economy.

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