Andhra Pradesh Economic Development Board (APEDB) inks MoU with Japan Based MUFG Bank

Andhra Pradesh Economic Development Board (APEDB) inks MoU with Japan Based MUFG Bank

APEDB collaborates with MUFG Bank to promote investment of Japanese companies to operate in Andhra Pradesh

29 November, 2022

Andhra Pradesh Economic Development Board (APEDB) signed a Memorandum Of Understanding with MUFG Bank on Tuesday, Nov 29 2022 with the focus on investments by companies from Japan and the eastern Asian countries in Andhra Pradesh. MUFG Bank is Japan’s largest bank and one of the world’s largest banks, with offices throughout Japan and in 40 other countries. The MoU with Japan’s premier bank establishes a partnership between MUFG and APEDB across investment promotion, banking and financial inclusion. The collaboration of the working group is expected to result in combining the sector strengths of AP and MUFG in mobilizing trade promotion and investments in the top sectors of the state with a special emphasis on Renewable Energy, Electronic Component Manufacturing, Pharmaceuticals, and Logistics.

The MoU is signed by Dr. Srijana Gummalla, CEO APEDB, VC & MD-APIIC and Commissioner – Department of Industries and Mr. Kenichiro Kawase, Head of MUFG India in the presence of Mr. Kazuyoshi Shibatani, Managing Director, Deputy Head of Delhi NCR Branch, India head of Planning & Strategy (Japanese Corporate) and in the virtual presence of Mr. Yukihiro Takeda, Managing Director, Head of Chennai and Srilanka Branch, Incharge of South India region (Andhra Pradesh, Kerala, Tamil Nadu, Telangana). The meeting was also physically attended by Mr. Prasad Savarapu, Vice President, APEDB and other officials from MUFG and the Andhra Pradesh Economic Development Board (APEDB).

Speaking at the ceremony, Dr. Srijana Gummalla, CEO-APEDB stated that “with the state consistently being ranked No.1 in Ease of Doing Business, Andhra Pradesh is slowly emerging as an ideal destination for foreign investments. Likewise, with the presence of more than 25 Japanese companies and by setting up Japanese Industrial Township in the state, she said that Japan has also been standing consistently as one amongst the top investors in AP. She further added that AP is looking forward to conducting a roadshow in Japan in light of the Global Investors Summit 2023, which is to be held on 3rd and 4th of March, 2023.”

Mr. Kazuyoshi Shibatani, Managing Director, Deputy Head of Delhi NCR Branch, India head of Planning & Strategy (Japanese Corporate) said that, “As India continues to be a key market for MUFG’s network, the bank’s association with APEDB shall provide a wide range of opportunities for the Japanese companies investing in Andhra Pradesh by merging each other’s strengths and offering holistic services to the needs of large and small Japanese investors in AP and investors of AP in Japan. Another official from MUFG added that the MoU would also pave ways to strengthen the relations between AP and associations such as JETRO and JICA.”

The MoU is also likely to make a way for MUFG and APEDB to work in the area of financial inclusion and investment promotion by creating a scope for more lucrative partnerships in the state.