IT & HRD Minister Nara Lokesh said that the upcoming Investment Summit in Andhra Pradesh is being positioned as the "Davos of India." It will serve as a platform to showcase the state's investment story and foster global partnerships.
Lokesh also revealed plans to make such summits an annual event.
Highlighting Andhra Pradesh's economic progress, Lokesh stated that the state has already secured investments worth $120 billion and is now targeting $1 trillion. "For us, every day is a partnership summit," he said, underscoring the government's proactive approach.
The state recently attracted $15 billion through Google's data center cluster in Vizag. With a target of 6 GW data center capacity, concerns have emerged over environmental sustainability. Lokesh assured that the state has a structured plan to handle potential energy and water challenges.
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He further added that most investments will materialise within 3 to 5 years, while large-scale projects in sectors like steel could take up to 7 years. Lokesh also mentioned that some big companies are setting up projects based on trust, without formal MoUs.
This will be the first Investment Summit hosted by the Chandrababu Naidu government after returning to power in 2024. Union Ministers Nirmala Sitharaman and Piyush Goyal will attend the event, which will also feature delegations from 22 countries.