K M Dayashankar
A windfall investment of Rs 36,000 crore for Telangana
American Companies agrees to invest Rs 31,502 crore
South Korean firms to invest Rs 4500 crore
Telangana Government enters agreements with 25 companies
Envisaged plans to attract the companies world over
HYDERABAD, AUGUST 14, 2024: Chief Minister A Revanth Reddy’s official tour to America and South Korea drew a big success by achieving a new record in attracting foreign investments in the history of the youngest state of Telangana.
The American multinational companies struck a deal to invest a whopping Rs 31,502 crore in the Telangana state. Similar overwhelming response was also received from the South Korean companies during the CM’s last two days visit to the country. The Korean companies entered agreements to invest Rs 4500 crore. With this, Telangana registered a record investment of Rs.36,000 crores from the two countries alone. The government has entered agreements with of 25 companies which also helped to create thousands of job opportunities for youth in the state
The Chief Minister attended the annual conference of the World Economic Forum held in Davos in January this year and entered agreements with the global companies to invest Rs.40232 crore. The CM’s fresh USA and South Korea tours garnered another Rs 36,000 crore investments. In all, the state reported a new record of Rs.76,232 crore foreign investment within 8 months. Now, the Telangana state emerged as the best destination for the global investors.
During the two-day visit to South Korea, the Chief Minister’s team mainly focused on the automotive, electronics, semiconductor, energy and textile sectors in which South Korea made its mark in the world.
Chief Minister A. Revanth Reddy along with IT and Industries Minister D Sridhar Babu held business consultations with many companies. The CM showcased Telangana as the most attractive investment hub by explaining the advantages to the companies and inviting them to join hands with the state government. CM Revanth Reddy assured that the government will provide adequate support to the companies which come forward to invest in the state. Like in America, the Korean companies also expressed their readiness to invest in Telangana.
World’s noted automobile company- Hyundai Motors signed an agreement to set up a mega automotive testing centre in Telangana. The company announced that it will set up their company’s Research and Development ( R and D ) centre in Hyderabad and chose it as a global hub. The company’s new facility for manufacturing the testing vehicles will be set up in Telangana.
Youngone Company, which already partnered to set up textile manufacturing industries in Warangal Mega Textile Park, announced that it will open a fashion city in Hyderabad. The Chief Minister assured that 10 acres of land will be allocated near the airport. The CM handed over the letter of consent on behalf of the government to the Youngone Corporation chairman.
South Korea is also popular in the cosmetic industry. The Chief Minister held a meeting with the management of the popular cosmetic industries. The CM and Companies sought cooperation to set up cosmetics manufacturing industries in the state. The state government entered into an MoU with the Korean Beauty Industry Trade Association (KOBITA) to explore the possibilities and feasibility of manufacturing in Telangana.
Three more Korean companies also announced their plans to invest in Telangana. Dongbang Pharma Company will invest Rs 200 crore to set up an API manufacturing centre. JI Tech company came forward to set up a research and development centre along with an LED material manufacturing plant by investing Rs 100 crore. Chaevi Company has announced plans to build EV charging infrastructure in Hyderabad.
The official delegation led by CM Revanth Reddy also held discussions with the representatives of LS Group, POSCO, LG, Samsung C&T, Samsung Health Care, Crofton, UU Pharma and GS Caltex companies. The Chief Minister invited all these companies to invest in Telangana as part of their future expansion plans.
The Chief Minister-led official team also visited the Cheonggyecheon Stream Redevelopment and Han Riverfront Beautification projects in South Korea. CM Revanth Reddy studied the excellent models at the field level. The CM said the riverfront beautification projects in South Korea should be taken as a model for the Musi Riverfront development project which is being launched ambitiously by the state government. The CM also enquired the officials about the procedures followed for the development of the riverfront development projects and the management of such great initiatives. The Chief Minister also visited the Korean National Sports University which trained all the winners of the recent Olympics. The Chief Minister is planning to establish a sports university on the same lines in our state.
