Visakhapatnam (AP), Mar 29 (PTI) Andhra Pradesh Chief Minister N Chandrababu Naidu today said Visakhapatnam will become a fintech hub in the country in future as information technology sector was gaining momentum in the state. Also Read - Micro Art: Hyderabad Law Student Captures The Bhagavad Gita on 4000 Grains of Rice

It was a good sign that a Fortune 500 company like Franklin Templeton Investments had chosen to set up a centre in the city, he said after inaugurating the office of Franklin Templeton Investments here. Also Read - Telangana rains: Death toll rises to 70, govt on alert as IMD predicts more heavy rains

“The company will invest Rs 450 crore here gradually on setting up the centre and provide 2,500 high-end jobs. Today it has opened the office,” he added. Also Read - Hyderabad Rains: Death Toll Rises to 50, IMD Predicts Heavy Rains Till October 21

Naidu recalled how the company had first set up the centre in Hyderabad in the undivided AP way back in 2002 and expressed confidence that the Vizag centre would be even more successful than the one in Hyderabad.

Franklin Templeton Investments, president and Chief Operating Officer, Jennifer M Johnson said the company had confidence and faith in the Chief Minister, the key architect and visionary, who built the IT sector in Hyderabad and is now doing so in Visakhapatnam.

She expressed confidence that the Vizag centre would flourish.

Earlier, the Chief Minister inaugurated the centre of Conduent Inc. in the IT park at Rushikonda.

The company will generate 5,000 jobs in the next two years and will invest roughly Rs 650 crore.

Naidu said he was trying to create the right eco-system for IT companies to flourish in the city.

In this connection, he lamented that some political parties were creating hurdles in the onward march of the state on the path of progress.

He said unfortunately a hue and cry was being raised over the allotment of land on the beach road to Lu Lu group to build a world class convention centre and shopping mall.

This is published unedited from the PTI feed.