The Global Investors Meet scheduled to be held in Hyderabad this September has been cancelled due to demand for a separate state of Telangana in Andhra Pradesh.
Similar on the lines of events in Karnataka and Gujarat, the state government was to host the event jointly with the union ministry of commerce and industry, in partnership with the Confederation of Indian Industry.
It was meant to showcase the strengths and potential of Andhra Pradesh to prospective investors from within the country and abroad.
"The government and the political leaders need to move quickly to clear uncertainty so that we don't miss more opportunities to attract investment and create employment," J.A. Chowdary, co-chairman of the Federation of Indian Chambers of Commerce and Industry's Andhra Pradesh unit, told IANS.
The GIM was originally scheduled for Nov 12-13, 2010, but due to the Telangana agitation it was postponed to Feb 4-5, 2011, and again to Sep 19-20, 2011.
The official reason cited for cancelling teh GIM is the annual investors meet, Partnership Summit 2012. But Chowdary insisted: "If we are not proactive in creating conducive atmosphere for investment and business, this will deprive the future generations of employment opportunities."
There were mass resignations of MPs and legislators from Telangana early this month.
With no end in sight to the uncertainty over Telangana, officials and industry leaders are not sure whether Hyderabad can host the Partnership Summit 2012.