India is amongst the fastest growing economies in the world, with the GDP growth for FY07 expected at around 7.5% to 8%. And needless to say Tier-II cities such as Visakhapatnam are viewed as the best centers for investments in Industries. Visakhapatnam, more popularly as the Steel City of Andhra Pradesh, has some of the best production facilities in the country. Today, Visakhapatnam has turned out to be a major Industrial center in the entire South of India. Many Major and Minor industries are located in the Industrial Zones such as the ones near Gajuwaka and Industrial Estate areas, just to quote few. Industry estimates says that investments to a tune of Rs. 30,000 crores would put in Visakhapatnam between the years 2006 - 2013.
The Visakhapatnam Steel Plant is a pride for Vizag. Major industries from all sectors including Bharat Heavy Plates & Vessels, Hindusthan Zinc Limited, Hindusthan Petroleum Corp. Ltd, Port Trust, Hindusthan Ship Yard, Fishing Harbor, Coramandel Fertilizers, L.G.Polymers, Essar Shipping are present in Visakhapatnam. The Simhadri Project of National Thermal Power Corporation (NTPC) is engaged into power generation.
Besides the major industries, Vizag has a number of Medium & Small Scale Industries being developed by the AP Industrial Infrastructure Corporation. Thanks to the investor-friendly Industrial Policies by both Government of Andhra Pradesh and the Government of India, special offers to foreign investors are available to set up industries in hot sectors such as Manufacturing and Information Technology. The Visakhapatnam Special Export Zone (VSEZ) provides excellent infrastrucutre for industrial units apart from special concessions for Export Oriented Units (EOU).