Vizag – Attractive Investment Destination in South India
Vizag Attractive Investment Destination in South India
Vizag, also commonly known as Visakhapatnam, is a coastal port city in the southern state of Andhra Pradesh. The city, located on the shores of Bay of Bengal, is called The Jewel of the East Coast or City of Destiny. The city is a huge naval base and home to the Eastern Naval Command of the Indian Navy.
Vizag is the second largest city in Andhra Pradesh and has a total area of about 550 sq km. The city is the only natural harbor on the east coast of India and boasts one of the largest ports in the country. It is also home to the India's oldest shipyard. Besides being one of the major port cities in India, the city is primarily known for being a huge industrial city.
Of late, the city has caught the attention of many foreign investors around the world. Investors are keen to invest in the city due to its promise of great returns on their investments. The cosmopolitan environment of the city coupled with the aspiration of the locals to lead a high quality lifestyle has made the city a preferred destination for investments.
The city has come to be known as a business city mainly due to the following advantageous features it provides to businesspersons making investments:
The city's port is very strategically located. The port serves as a major gateway for shipping finished products to Southeast Asian markets.
The city has a well-connected intra and inter-city rail and road transport facility.
Vizag is well connected to other major cities of Andhra Pradesh through a top quality airway system.
There is no shortage of power supply, an important infrastructure required by all industries.
Vizag is endowed with rich natural resources. It has plenty of top quality resource bases.
The investment procedure is simple and transparent.
The city is home to several world-class educational institutions and state of the art research and development centers.
The city has a large consumer market.
Vizag has a very proactive and responsible administrative set up. Governmental policies are favorable and attract new investments in the city.
The city has a highly qualified and technically skilled work force.
Vizag has an excellent telecommunication system throughout the city to facilitate easy communication.
Apart from these advantageous features of the city, the government of Andhra Pradesh, with a view to attract more foreign investment in the city, provides tax benefits and other incentive schemes to investors. The government also helps investors study the current market system and gives them free access to natural resources.
Owing to these factors, numerous foreign investors are willing to set up their operational base in Vizag. For investors keen to invest, Vizag gives them the opportunity to invest in a wide range of industries. Some of the most prominent industries that promise great profitable returns include the pharmaceutical industry, automobiles industry, IT industry, etc.
Apart from these industries, there has been a recent surge of investment in the real estate sector of the city. The growth of investment in the sector is mainly fuelled by an increasing demand for building residential places for migrants who come to the city from neighboring cities.
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