Visakhapatnam: Chief Minister N. Chandrababu Naidu on Friday the cost of medical devices will come down by at least 40 per cent once they are manufactured in India rather than being imported. The Chief Minister set foundation stone for South Asia’s first dedicated medical devices manufacturing park at Nadupuru in the district on Friday. He also interacted with investors and asked them to invest at Vizag’s manufacturing park called AP Med Tech Zone (AMTZ).
Mr Naidu said all approvals had been given in record time, special purpose vehicles formed and land allotted for AMTZ. The Chief Minister said that Vizag stood as the best destination for investments as it had road, air and sea connectivity. He said the new three dedicated freight corridors go through Vizag which will help in faster cargo movement. Mr Naidu assured all support to enthusiastic entrepreneurs who wish to invest in Andhra Pradesh and Vizag.
“Its good that the AMTZ’s foundation was laid within eight months from the day the project idea was conceived. Projects will move fast if taken up under PPP mode. The cost of medical devices will drop by at least 40 per cent once the manufacturing starts here. Around 200 companies can start their units in AMTZ and can provide employment to at least 25,000 persons. This manufacturing park can attract at least Rs 25,000 to Rs 30,000 crore investments. We are determined to bring AMTZ into function within a year,” he said.
Mr Naidu also added that the state government will put in efforts to create social infrastructure like world class hospitals, education facilities and entertainment for those working in the new manufacturing zone. He added that the state government will also try to create brand value to the medical devices manufactured in Andhra Pradesh and market them. Over 50 companies have shown interest and 38 have submitted Expression of Interest (EOI) letters. AMTZ, a company under Government of AP which has also received approval for funding on June 1, 2016 from the state Cabinet will implement the project of setting up the park.
There will be In-house high capital intensive common scientific facilities helping medical device manufacturers reduce the cost of manufacturing in the country. The park will provide modern state-of-art common facilities such as specialised laboratories, warehousing, testing centre apart from 100 to 150 independent manufacturing units, each in a built-in ready-to-use area of 0.5 to 1 acre each.