ZTESoft and Andhra Pradesh government have signed a letter of intent to set up a joint incubation center and smart city innovation hub in the coastal city of Kakinada. The innovation hub would be a joint collaboration between Shenzhen and Andhra Pradesh. Shenzhen zone is one of the biggest and most successful industrial zones in the world and contributes almost 20 percent to the Chinese economy. AP-Shenzhen Joint Incubation Centre will be an 85:15 venture between the Innovation Society of Andhra Pradesh Government and Qinhai Authority/ZTESoft.
The state government would invest '13.60 crore, while ZTESoft would invest '2.40 crore. The incubation center would generate direct employment for about 670 people and indirect employment for 2500 people in the next three years. Andhra Pradesh chief minister N. Chandrababu Naidu has expressed his intent to develop Kakinada as Shenzhen-style coastal economic zone. Kakinada is the ideal location to host the AP-Shenzhen Joint Innovation Hub, it said.
The department has signed the letter of intent with ZTESoft to develop the joint innovation hub and provide support to raise '1000 crore funding from China. ZTESoft Technology Private Ltd and the Qianhai Authority of China proposed a three-year program working with Andhra Pradesh's Innovation Society to establish the talent and support infrastructure needed for a world-class technology start-up ecosystem, the release added.