VELAGAPUDI, Andhra Pradesh – In a significant endorsement of the state’s renewed industrial push nine companies have expressed firm interest in investing in Andhra Pradesh’s textiles sector. The announcement was made by the Minister for Handlooms and Textiles, S. Savitha following a high-level meeting with investor representatives at the State Secretariat.
The companies are exploring opportunities to establish manufacturing units for a diverse range of products, including mattresses, apparel, garments and polyester weaving, signaling a broad-based revival in the sector.
MoUs Planned for Global Partnership Summit
The investment proposals are set to be formalized during the upcoming Global Partnership Summit in Visakhapatnam on November 14th and 15th. The minister stated that the firms are prepared to finalize Memorandums of Understanding (MoUs) with the state government at the event.
A key takeaway from the discussions was the investors’ preference for setting up operations in the Rayalaseema region. The exact locations for these new industrial units are expected to be finalized during the summit.
New Textiles Policy Fuels Investor Confidence
Minister Savitha attributed the surge in investor interest directly to the new, industry-friendly textiles policy introduced by the government led by Chief Minister N. Chandrababu Naidu. She described the policy as a “key factor in revitalising the sector,” creating a compelling value proposition for both domestic and international players.
The meeting, attended by senior officials including Principal Secretary R.P. Sisodia and Commissioner G. Rekha Rani, also noted that more investors are likely to submit proposals soon, indicating sustained momentum for the state’s textiles industry.
Frequently Asked Questions (FAQ).
1. What types of textile units are planned?
The investments will cover a diverse range of manufacturing, including mattress production, apparel and garment making, and polyester weaving.
2. Where in Andhra Pradesh will these units be located?
The companies have shown a distinct preference for establishing their operations in the Rayalaseema region of the state. Specific sites will be determined at the upcoming summit.
3. When will these investments be formalized?
The companies are expected to sign formal Memorandums of Understanding (MoUs) with the state government during the Global Partnership Summit in Visakhapatnam on November 14th and 15th.
4. Why are investors showing interest now?
According to the state government, the primary driver is the new textiles policy launched by the current administration, which offers a more attractive and supportive framework for industry growth.
5. What is the significance of this development?
The interest from nine companies signifies a strong vote of confidence in Andhra Pradesh’s industrial climate. It promises job creation, economic development for the Rayalaseema region, and a major step towards revitalizing the state’s entire textiles ecosystem.