Chennai, Feb 17 (PTI) Andhra Pradesh has drawn up plans to move from 'the ease of doing business' to doing 'lowest cost of doing business' in its bid to woo new investors, the state's Minister for Finance and Planning Bugganna Rajendranath Reddy said here on Friday. The Andhra Pradesh government was also working on the vision of promoting a risk-free business environment and providing a balanced growth across regions, Reddy, who also holds the Commercial Taxes, Legislative Affairs and Skill Development portfolios apart from Finance, added.

He was speaking at a roadshow to attract industrialists to his state for the forthcoming Global Investors Summit scheduled to be held on March 3 and 4 in Vishakapatnam.

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Tamil Nadu and Andhra Pradesh have a very strong foundation with their diversified portfolio of economic activity and can grow together for achieving sustainable growth, the Minister said.

Tamil Nadu is one of the top industrialised states in the country and has been at the forefront of industrial development for the past few decades, he said.

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Tamil Nadu houses industrial hubs in traditional sectors such as automobile, textiles, chemicals and petrochemicals and has strong maritime infrastructure, renewable energy among others.

"Our aim is to provide a truly conducive ambience for business to thrive and move from ease of doing business to lowest cost of doing business," he said.

Reddy said Andhra Pradesh was engaged in developing three national industrial corridors and these are set to become hubs for industrial growth. "The state is also spending a significant amount of its budget on developing air connectivity in the state with a greenfield international airport coming up at Bhogapuram near Vishakapatnam at a cost of Rs 2,500 crore," he said.

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