Nara Lokesh, IT minister of Andhra Pradesh state, wants Russia to partner in his states journey to a $2.4 trillion economy

A minister from India's southern Andhra Pradesh state has cited "speed of doing business" as a unique factor in his pitch for increased investment from Russia.

Andhra's IT and human resources minister, Nara Lokesh, told the ongoing St. Petersburg International Economic Forum (SPIEF) on Thursday that large industrial projects are being executed at a rapid pace.

"What we are most proud of is not policy on paper, it is our prowess, it is our execution, it is our record of delivery on ground," Lokesh, who is an ally of Prime Minister Narendra Modi, said.

"We are known for moving with speed when an investor makes a commitment. That speed matters. We call it speed of doing business," he said, declaring that he is "available to the investors of Russia."

Lokesh said Andhra, which is a $215 billion economy, is aspiring to become a $2.4 trillion economy by 2047.

In April, Google held the groundbreaking ceremony for a $15 billionartificial intelligence hubin Andhra Pradesh.

The project includes India's firstgigawatt-scale AI hubcomprising three data center campuses. It will enable Google to deploy advanced AI capabilities and scale digital services across the South Asian nation.

On Thursday, Lokesh held talks with Anton Zakharov, head of international commercial projects at Element Group, a leading Russian producer of semiconductor components; and Julia Suhoroslova, CEO of Nanotronica, on business opportunities in Andhra.

He pointed to Russian aluminum giant Rusal's intention to increase its stake in Pioneer Aluminium Industries, which operates a 1.5-million-ton alumina refinery in his state, as an example of the favorable investment climate there.

Referring to the $100 billion trade target set by Russian President Vladimir Putin and Indian Prime Minister Narendra Modi for 2030, Lokesh said, "It is a template for what more we can do together."

(RT.com)