Hyderabad, May 7 :    Hyderabad, May 7:  Chandrababu Naidu, scouting for an alternative promised land ever since Silicon Valley lost some of its sheen, has found a greener pasture in Genome Valley. The valley, Naidu's latest pet project, will promote ventures in biotechnology, biomedicine and bioinformatics (a cocktail of biology and information technology). Genomics, the biotechnology cornerstone which studies human genes, is considered the hottest investment destination after the dotcom dream soured. Biotech companies across the world had raised investments of as much as $40 billion in 2000. Last year, genomics became a goldmine overnight in the wake of the decoding of the human gene map, which has thrown up innumerable opportunities in medical research and applications. The sprawling valley of Naidu will stretch across 600 sq km near Hyderabad and cover satellite towns like Medchal, Shamirpet, Kesara and Uppal. Andhra's biotechnology policy, unveiled by Naidu today, offers concessions in land price, sales tax, power tariff and relaxation of labour laws. It promises venture capital from government and non-government agencies. The state government had already set up a biotechnology development fund of Rs 50 crore to attract industries to Hyderabad. Naidu's flurry of activity is being seen as an attempt to compete with Karnataka and Tamil Nadu, which had launched their biotechnology initiatives early. Genome Valley will house institutions and commercial ventures linked to research on embryo transfer technology, vaccines and diagnostics. Naidu described the valley as a corridor that would link research and development institutions and the network of teaching and training institutions with commercially viable organisations. A knowledge park and a biotech park are coming up in the state.