CM appeals to US industrialists to invest in AP

Hyderabad, May 9 (UNI) Andhra Pradesh Chief Minister Y S Rajasekhara Reddy today said a world bank report has rated Hyderabad as the most business-friendly city in India and appealed to US industrialists to invest in the state.

Dr Reddy, addressing The Indus Entrepreneurs (TIE) luncheon meeting at Santa Clara, San Fransisco, said lot of investment opportunities existed in sectors like IT, pharmaceuticals, biotechnology, agro processing, mineral based industries, engineering industries, textiles, leather and tourism in Andhra Pradesh, a release here said.

He said Andhra Pradesh, known as the rice bowl of India, had been attracting the second highest FDI in the country.

Dr Reddy said the state had achieved an export revenue of three billion dollars in 2005-06, up 51 per cent, higher than the national average of 36 per cent.

On infrastructure development, he said a new international airport was coming up at Shamshabad and an Outer Ring Road in Hyderabad.

Dr Reddy informed that an Indian Institute of Technology would also be set up in Hyderabad.

UNI