VISAKHAPATNAM : In what could give a boost to Andhra Pradesh's efforts at rapid industrialisation, Russia's United Shipping Corporation has evinced interest in setting up a shipbuilding facility in port city Visakhapatnam even as Chief Minister N Chandrababu Naidu invited Russian corporations to come and invest in the sunrise state.
Taking part in the two-day dialogue of Indo-Russian Defence Industry, jointly organized by FICCI and Economic Development Board (EDB) of AP here in the last two days, United Shipping president Alexey L Rakhmanov said his company would consider making AP its base for both Indian and world markets.
"This will give a major boost to our state," EDB Chief Executive Office J Krishna Kishore said on the development.
Addressing the delegates this afternoon, the Chief Minister said AP, with its longest seacoast, could serve as the gateway for southeast Asian countries.
"You have abundant opportunities here and we are keen to work with you. If we work together, it will be a win-win situation," Naidu told the Russians.
AP currently has seven seaports while an equal number would soon be developed.
"We are strong in information technology. You are strong in many technologies, including aerospace and defence. That is your core competence. We want good relations with Russia," the Chief Minister added.
Flag Officer Commanding-in-Chief of Eastern Naval Command Vice-Admiral H C S Bisht said ties between India and Russia have been most enduring since World War II and Vishakhapatnam has been a key pillar of collaboration.
Hindustan Shipyard Limited chairman Rear Admiral L V Sarat Babu said shipbuilding was central to India's strategic interest and Andhra Pradesh had natural advantages due to its ecosystem.
"The focus of AP government is on indigenisation as 45 per cent of input requirements are currently imported. Indigenisation can contribute to three per cent of GDP and accelerate manufacturing from 16 to 25 per cent," he added.
The EDB CEO said AP has a strong presence of defence public sector units that focused on missile testing, optical and opto-electronic devices manufacturing, satellite launching stations and shipyards.
"It is ideal for attracting investments in aerospace and defence sectors," he added.
Read Also:
Indian Goods Set For Greater Market Access Under APTA
HP To Buy Samsung's Printing Business For $1 Bn
