UAE’s biz group to invest Rs 10,000 crore in Andhra Pradesh

The BLF and India Trade & Exhibition Centre m.e. (ITEC) signed two separate Memoranda of Understanding (MoUs) with the Andhra Pradesh Economic Development Board (APEDB).

The MoUs were signed last week in Hyderabad in the presence of Andhra Pradesh Chief Minister N Chandrababu Naidu, who has secured investments of over $ 12.52 billion. The BLF is a joint initiative by the UAE Ministry of Economy, Indian Embassy in Abu Dhabi and Indian Consulate in Dubai to boost cross-border investment. “We are looking at a sizeable project that could require investment of up to Rs 10,000 crore in which the state government would be a possible partner. We are looking at a possible food park, a medical city, large infrastructure project, among other avenues,” Dr Ram Buxani, President, BLF, said.

The ITEC, represented by its DG Sripriyaa Kumaria, has signed an MoU with the APEDB to provide jobs to 1,000 skilled people from AP in the UAE by engaging with the UAE’s employers and help boost two-way investment between AP and the UAE. 

The BLF recently led a 10-member investment delegation to AP to explore new investment opportunities in partnership with the state in key economic sectors, including health, education, manufacturing food services, IT and infrastructure. The delegation, mostly comprising NRI investors and businessmen, met Naidu and discussed ways to facilitate investment from the UAE to AP. The move is part of the annual mega business conference – India-UAE Partnership Summit – that was launched last year.