Visakhapatnam, Jan 11 (IANS): Andhra Pradesh Chief Minister N. Chandrababu Naidu on Sunday invited investors to invest in sunrise Andhra Pradesh, assuring them that they will not make any losses.

Addressing the CII Partnership Summit in this coastal city, he urged the captains of industry and businessmen not to return without signing at least one MoU with the state.

Noting that Andhra Pradesh recorded double-digit growth rate of 11.77 percent during the first half of 2015-16 as against national average of 7.2 percent, Naidu said the state had all the advantages to reach 14-15 percent growth rate.

He told the industrialists that the government has brought a new policy under which all industrial clearances will be given in 21 days.

Stating that the World Bank has ranked Andhra as number two in ease of doing business, Naidu said the state would like to become number one.

He cited the 974-km long coastline, minerals, abundant water resources, availability of vast land and good governance as the strengths of the state. He said development of new state capital Amaravti offer huge opportunities to investors.

Comparing the growth in Andhra Pradesh with China, he explained how the manufacturing wing has been catering to the requirements of not only the domestic market, but also serve the international markets.

Referring to the problems faced by the state after bifurcation, he urged the central government to do the hand-holding through tax incentives and financing the revenue deficit.

The inaugural session saw announcement of some MoUs. Reliance Group chairman Anil Ambani told the gathering that his company has signed a MoU to set up a naval shipbuilding facility in Visakhapatnam with an initial investment of Rs.5,000 crore.

Bharat Forge Ltd announced that it will set up an integrated auto component park in the state with an investment of Rs.1,200 crore. Bharat Forge chairman Baba Kalyani they signed another MoU for defence, aerospace manufacturing park.

Top industrialists including Ambani heaped praise on Naidu, describing him as a visionary leader. They recalled the role played by him in developing Hyderabad as IT hub when he was chief minister of undivided Andhra Pradesh.

They lauded his efforts in organising the partnership summit with makeshift arrangements in the absence of any major convention centre here.

Union Commerce Minister Nirmala Sitharaman lauded Naidu for conducting the summit in Visakhapatnam.

"Though rich in endowments and resources, Andhra Pradesh is in dire straits. But it did not prevent the CM to host such international event in Visakhapatnam. This is what the dynamic leadership means," she said.

Amitabh Kant, secretary, Department of Industrial Policy and Promotion (DIPP) said Andhra Pradesh has the potential to grow at 12-13 percent annually, which will enable India to grow at 9-10 percent.