The Andhra Pradesh government has signed 128 MoUs worth about Rs.4.25 lakh crore with various companies on the first day of Partnership Summit in Visakhapatnam on Friday.
According to the Confederation of Indian Industry (CII), the MoUs have the potential create 5.5 lakh jobs.
As many as 68 MoUs were signed in information technology sector.
The MoUs signed with Gas Authority of India Limited (GAIL), Hindustan Petroleum Corporation Limited (HPCL) and another with Oil and Natural Gas Commission (ONGC) are worth Rs. 1.20 lakh crore investment.
The MoUs with state-owned oil and gas companies were signed in the presence of Petroleum and Natural Gas Minister Dharmendra Pradhan.
Addressing the delegates, Pradhan spoke about opportunities in petrochemical industry.
He said that Andhra is located at the hub of new growth and is an ideal state to invest.
The minister said under Chief Minister N. Chandrababu Naidu's visionary leadership, the state had registered highest GDP and per capita income.
Railways Minister Suresh Prabhu said Andhra Pradesh was poised to make great strides under the leadership of Naidu.
The minister said the growth trajectory of Andhra was on the rise and it would emerge as the gateway of south east India to the growing markets.
According to CII, delegates from 51 countries are participating in the two-day event.
Six Union Ministers participated in the deliberations on the first day.