AP gets 3rd national investment, manufacturing zone

Hyderabad: Andhra Pradesh will get its third National Investment Manufacturing Zone (NIMZ) in Prakasam district.

“Andhra Pradesh will be the second state in the country to have more than two NIMZs being set up in line with National Manufacturing Policy of 2011,’’ Anand Sharma, Union Minister for Commerce told newspersons here on Saturday.

The other two zones are being set up in Medak and Chittor districts.

With this, the total number of zones being set up would go to 13 in the country. A host of incentives such as exemption from capital gains tax and liberalised labour and environmental norms are being offered to these zones.

When asked on the investments being mobilised under the initiative, the Minister said its quantification could not be done at this juncture.

“We have made good progress over last year. Japan, Germany, the UK, Russia and China have shown keen interest in investing and things are moving towards paper work,’’ he said.

To create necessary talent for increasing exports an Indian Institute of Foreign Trade would be set up in Visakhapatnam besides a world pharma trade centre at Hyderabad, he added.

Earlier, while speaking after laying the foundation stone for the National Institute of Design at Gachibowli here, Sharma said job-creation was a priority.

“Services sector cannot grow beyond a point. Given the fact that over 150 million youth will be joining the workforce by 2025, jobs will come only from manufacturing sector,” he added.