Visakhapatnam to become trillion-dollar economic corridor, says minister

Amaravati: Andhra Pradesh aims to transform Visakhapatnam into a trillion-dollar economic corridor, state IT, electronics and education minister Nara Lokesh announced on Monday. Highlighting the state’s rapid growth, he said Andhra Pradesh has attracted investments worth over Rs 10 lakh crore in just 16 months.

Speaking at the CII Partnership Summit Roadshow in Sydney, Lokesh invited global investors to participate in the upcoming Partnership Summit in Visakhapatnam on November 14–15. The minister outlined Andhra Pradesh’s vision to become a $2.4 trillion economy by 2047, backed by strong infrastructure, skilled workforce and investor-friendly reforms.

During his visit to Australia, Lokesh held discussions with top universities and industry leaders to establish academic and industrial collaborations in areas like Artificial Intelligence (AI), renewable energy and advanced manufacturing. He also proposed joint degree programs and innovation hubs to boost research and skill development.

Emphasising Visakhapatnam’s rise as a data and industrial hub, Lokesh assured investors of fast-tracked approvals and full government support. “Once an MoU is signed, the project becomes ours too and we ensure smooth execution at every stage,” he was quoted as saying.

Lokesh praised chief minister N. Chandrababu Naidu’s leadership and reaffirmed the government’s focus on transparency, accountability and speedy project management. He added that proactive monitoring including daily WhatsApp updates between ministers ensures timely delivery of projects.

At the University of New South Wales (UNSW), Lokesh discussed partnerships in STEM, sustainable agriculture, water management, public health and smart city solutions. UNSW leaders, ranked among the world’s top 50 universities, expressed interest in expanding collaborations through technology transfer and joint research programmes.

Lokesh invited industry leaders to visit Andhra Pradesh and experience its investment potential firsthand. “As Indian states compete for investments, India wins,” he said, aligning the state’s ambitions with the national vision of achieving a $30 trillion economy under prime minister Narendra Modi’s leadership.

(with agency inputs)