Visakhapatnam Transforming into India's Next Silicon City: Piyush Goyal

Union Commerce and Industry Minister Piyush Goyal has said that India continues to offer a stable and reliable investment environment despite growing global uncertainties and economic challenges. Praising Andhra Pradesh Chief Minister N. Chandrababu Naidu for his efforts to attract investments, he said Visakhapatnam was steadily transforming from an industrial centre into a major technology destination.

Speaking at the inaugural session of the 31st CII Partnership Summit in Visakhapatnam, Goyal said Andhra Pradesh had demonstrated remarkable resilience by preparing to host an international investment gathering despite the destruction caused by two recent cyclones. He described the summit, organised during the auspicious Karthika month, as an opportunity to strengthen trade and economic partnerships.

Praising Chandrababu Naidu's leadership, Goyal said the Chief Minister had recognised the potential of emerging technologies, including artificial intelligence and quantum computing, much earlier than many other leaders. While governments across the world focus on the ease of doing business, Naidu was pursuing what he called the 'Speed of Doing Business'.

He also appreciated the state government's escrow mechanism for industrial incentives, saying it would improve investor confidence. Despite inheriting significant financial liabilities and weakened administrative systems in 2024, the government had taken steps to restore the state's development momentum. Goyal described its approach as 'Speed of Delivering Governance' and highlighted the cooperation between Prime Minister Narendra Modi and Naidu in advancing development.

Turning to Visakhapatnam's prospects, the Union Minister said the city was gradually evolving into a Silicon City, moving beyond its traditional identity as a steel hub. He identified Orvakal and Pudimadaka as emerging destinations for green energy projects and urged investors to explore opportunities in manufacturing, tourism and technology.

Assuring international businesses of India's commitment to protecting intellectual property rights, Goyal said the country would respect proprietary technologies while supporting industries in delivering quality products at competitive prices.

The summit, themed 'Navigating the New World Order', was inaugurated by Naidu, Deputy Chief Minister Pawan Kalyan and Goyal, with representatives from 58 countries participating.

CII President R. Mukundan highlighted opportunities in AI, renewable energy, semiconductors, battery storage and electric vehicles. He also called for stronger agricultural value chains to improve food security, supporting the broader goals of Viksit Bharat and Viksit Andhra Pradesh.