Amaravati, Aug 19 (IANS): Andhra Pradesh Chief Minister N. Chandrababu Naidu on Monday inaugurated 15 industrial projects with a total investment of Rs 1,570 crore, with the potential to create 8,480 jobs, in Sri City in Tirupati district.

He also laid the foundation for 7 new projects worth Rs 900 crore with a potential of 2,740 jobs.

Additionally, five companies signed MoUs on Monday, promising an investment of Rs 1,213 crore and the creation of 4,060 jobs.

Naidu appealed to industrialists to focus on reducing product cost and logistics costs.

Stating that Andhra Pradesh is more logistics cost-effective with better connectivity, the Chief Minister invited industrialists to invest in the state and make Sri City as best economic zone and best infrastructure zone.

He expressed satisfaction with the remarkable progress Sri City has made since its inception, hosting over 200 companies from 30 countries in a single premises, stressing the need for product perfectness to meet global competition. He said that the NDA government aims at achieving zero poverty and industries play a key role in creating wealth and uplifting the economy.

He said now the state government has been focusing on hybrid solar and wind power generation.

At the round table conference, the CEOs congratulated him on his resounding victory in the Assembly elections and conveyed their enthusiasm for his new term, expressing confidence in the implementation of industry-friendly policies under his leadership, according to an official statement.

In response, Naidu remarked: "It's always a pleasure to interact with CEOs who play a crucial role in job creation and economic growth. By driving industrial success, they contribute to the economy helping government run welfare schemes, contributing to the overall development of the state."

Naidu told the CEOs that Andhra Pradesh has always been at the forefront of industrial development. "With our strategic location, skilled workforce, and proactive governance, Andhra Pradesh is the ideal destination for industries. Since 2015, we've been ranked number one in Ease of Doing Business, but it's time now to focus on the 'Speed of Doing Business' to truly elevate our industrial landscape," he said.

Stating that the previous administration had neglected investments and left behind significant issues such as pending industrial incentives, infrastructure gaps, and irrational policies that hindered growth, he assured the industry stakeholders that his government would address all their issues, rationalise taxes, and create a new industry-friendly policy.

"Let us work together to bring down the cost of production, and create an integrated logistics and infrastructure network to make Andhra Pradesh a global industrial hub," he said.

Chandrababu Naidu emphasised that Andhra Pradesh aims to become a leader in product-perfect manufacturing, ensuring zero poverty, and promoting Telugu entrepreneurs globally. He asked the industry stakeholders to participate in achieving this goal.