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Business EconomyPosted at: May 28 2020 7:47PM


KIA Motors to invest 54 million US dollars in AP

Vijayawada, May 28 (UNI) The Brainstorming (Our Governance-Your Suggestion) on Industries here has turned out to be a great success with the KIA Motors announcing a further investment of 54 million US dollars in Andhra Pradesh.
This was announced during the interactive session by KIA (IN) CEO and MD, Kookhyun Shim, who stated that they would further invest an amount of 54 million dollars (Rs 409 crores) in the SUV manufacture unit.
Chief Minister Y S Jaganmohan Reddy said, ''When the Outreach Programme is going on, there was propaganda blast that the KIA Motors is moving out of Andhra Pradesh. I was shocked as to why should they go away. What did we do to whisk them away. But the Managing Director Kim had tweeted and gave a press release denying those stories in a section of media and stood ground stating that they are not moving away but are working together with the proactive Andhra Pradesh Government''.
The announcement of further investment of 54 million US dollars strengthens the bond between the automobile major and the State Government, he said.
The previous government, along with its propaganda blitz has created the impression that 20 lakh crores of investments have poured into the State creating employment to 40 lakhs people and it has put the State on top of the list in Ease of Doing Business (EoDB), he said.
''When we took over the office, we could understand what their EoDB was. They had Rs 4,000 crore pending bills towards industrial incentives and Rs.968 cores dues to MSMEs. The erstwhile government did not pay Rs 20,000 cores to DISCOMs by stopping to pay the bills for last 14 months of their tenure,'' the Chief Minister said.
Mr Reddy said that the EoDB continued further with annul trips to Davos, foreign jaunts on a regular basis and kept the propaganda machinery active to constantly drill the lies. That was their style of EoDB.
He regretted that during 2014-19 MSMEs were in a bad shape and the government has allocated Rs.968 cores to revitalize them. In the first installment Rs 450 crores were released and the rest would be given soon, he informed.
Kadapa Steel Plant is coming up with an investment of Rs 15,000 cores and the government is looking for interested parties to work in joint venture, the Chief Minister announced.
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