Andhra Pradesh Chief Minister YS Jagan Mohan Reddy laid the foundation stone for the Visakhapatnam Knowledge Hub (VKH) on May 2, 2023. The VKH is a massive technology park that is expected to be built with an investment of ₹ 21,844 crores over the next five years.
The park is expected to span over 5,000 acres and provide employment opportunities to over 2 lakh people. It will house facilities for various technology sectors including AI, cybersecurity, fintech, and aerospace. The VKH is expected to be a game-changer for the technology sector in the state and create a favorable ecosystem for startups and other technology companies.
During his speech at the foundation-laying ceremony, Chief Minister Reddy stated that the VKH project was one of the many initiatives undertaken by his government to promote the growth of the technology sector in Andhra Pradesh. He said that the government was committed to creating an environment that is conducive to the growth of the industry and was willing to offer support to technology companies that want to set up their operations in the state.
Andhra Pradesh Chief Minister YS Jagan Mohan Reddy has laid the foundation stone for a new technology park in Visakhapatnam, with an estimated cost of ₹ 21,844 crore. The tech park is expected to create employment opportunities for around 90,000 people and boost the state’s IT industry.
The project, named as the Visakhapatnam Knowledge and Innovation Park (VKIP), will be spread over an area of 1,500 acres and will be developed in three phases over the next five years. The park will feature various amenities such as a research and development center, an incubation center, and a convention center. It will also have a housing complex for the employees working in the park.
The project is expected to attract global companies in the fields of electronics, pharmaceuticals, biotechnology, and renewable energy, among others, to set up their facilities in the state. The Andhra Pradesh government has already acquired 700 acres of land for the first phase of the project, and the remaining land will be acquired in a phased manner.
