Visakha Economic Region targets $1 trillion by 2047

Visakhapatnam: The Visakhapatnam Economic Region (VER) project has been proposed with a total area of 21,880-sq km, said VER chief executive officer N Yuvaraj.

Holding a meeting at the VMRDA conference hall in Visakhapatnam on Friday, the CEO mentioned that the primary objective of the initiative taken in line with the recommendations of the NITI Aayog is to develop the region into a 120-billion-dollar economy by 2032, and further transform it into a 1-trillion-dollar economy by 2047. The economic region covers the districts of Visakhapatnam, Vizianagaram, Srikakulam, Anakapalli, Kakinada, East Godavari, Alluri Sitarama Raju, Parvathipuram Manyam, and Dr B R Ambedkar Konaseema districts, he shared.

To achieve a 2.40-trillion-dollar economic target, focus has been placed on several key sectors, including promoting trade through ports, developing IT hubs and innovation centres, strengthening agriculture and allied industries, boosting tourism sector, expanding healthcare facilities, formulating plans to improve infrastructure, Yuvaraj mentioned. The major goals include transforming the region into the nation’s future economic powerhouse, developing it into a global economic power hub, and attracting 100 to 150 billion dollars of investments, which is expected to generate approximately 20 lakh employment opportunities for the youth, he explained.

The current economy of Visakhapatnam primarily depends on ports, large industries, Special Economic Zones (SEZs), the service sector, and marine resources, the VER Chief Executive Officer informed.