Hyderabad, Aug 14 : Telangana Chief Minister A. Revanth Reddy on Wednesday claimed that Telangana is not competing with Andhra Pradesh or Karnataka but it is competing with the world.

Asserting that neighbouring states do not have a city like Hyderabad, he said they were no competition for Telangana.

Revanth Reddy was speaking at the inauguration of the new campus of Cognizant in Hyderabad on Wednesday, hours after his return from a visit to the United States and South Korea to invite investments.

Stating that Hyderabad is the best destination for investments, the Chief Minister invited industries to invest in Hyderabad and Telangana.

'Come and invest. The Telangana government will provide you with all the necessary support,' he said.

Reiterating that Future City will be developed as the fourth city after Hyderabad, Secunderabad and Cyberabad, he said the development of Future City will prove the state government's commitment.

He said every businessman and corporate leader they met in the US and South Korea evinced a keen interest in investing in Telangana.

The Chief Minister revealed that their visit yielded investment pledges of Rs.31,500 crore, which will create 30,750 jobs. He exuded confidence that some more MoUs will be signed soon.

He announced that the Investor Task Force would be constituted to hold investors' meetings.

Revanth Reddy said the future state of Telangana will have three rings. The first ring will be the Core Urban Area Hyderabad, and the second ring will be a semi-urban area in which manufacturing units will be set up.

The third ring will be the rural Telangana beyond the proposed Regional Ring Road and here Asia's best villages with all modern facilities will be developed.

The Chief Minister said his government's ambition is to transform Telangana into a trillion-dollar economy in the next 10 years.

Assuring full support to Cognizant for its expansion plans in Hyderabad, he noted that this IT company is the second largest employer in Telangana.

Hyderabad has a history of more than four hundred years. The foundation for the development of IT in Hyderabad was laid by former Prime Minister Rajiv Gandhi. The IT sector's growth continued under the rule of Chandrababu Naidu and Y. S. Rajasekhara Reddy.

He said despite political differences, they all gave priority to the development of Hyderabad.

/IANS