AP invites Singapore to invest in petrol, chemical

HYDERABAD: Andhra Pradesh has invited Singapore to invest in various sectors, including petroleum and chemicals, in the state that is aiming to emerge as the top investment destination in the country.

The southern state has witnessed a rapid industrial growth in the last four years. It clocked a growth of 10.37 per cent in 2007-08, Minister for Major Industries Geeta Reddy told a visiting delegation from Singapore here today.

The delegation is led by Singapore's Minister for Manpower Gan Kim Yong.

She said Singapore is very strong in the areas of chemicals, electronics, petroleum refining, processed food, life sciences and sought investments from the city state in these sectors of Andhra Pradesh.

Reddy told the delegation that Andhra Pradesh has the highest number of notified SEZs in the country, and of them 36 are in the IT sector. "This indicates that there is a lot of potential for the software industry in the state."

The Andhra Minister said the Petroleum, Chemical and Petrochemical Investment Region (PCPIR) between Kakinda and Visakhapatnam, spread over more than 650 sq kms, is likely to give a boost to the industrial projects in the state.

'Andhra Pradesh PCPIR' is going to be the first such venture in the country and would help the state become No 1 in attracting investments surpassing Gujarat, Reddy said.