Foxconn to invest in Telangana; Young Liu meets CM KCR

Foxconn has decided to make a mega investment in Telangana, The announcement was made after Foxconn Chairman Young Liu met CM KCR

Hyderabad: In one of the biggest deals in the country and one that reaffirms Telangana’s standing as the top investment destination in the country, Taiwanese multinational electronics contract manufacturer Foxconn (Hon Hai) Group signed a memorandum of understanding with the State government to establish a manufacturing facility in the State.

The Telangana unit of Foxconn, the original equipment manufacturer for Apple and several other electronics and mobile companies, will create one lakh direct and indirect employment for youth in the State over a period of 10 years.

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A Foxconn delegation led by its chairman Young Liu called on Chief Minister K Chandrashekhar Rao at Pragathi Bhavan here on Thursday, after which the MoU was signed between the representatives of the company and the State government.

Welcoming the Foxconn Group to Telangana, the Chief Minister thanked the company management for choosing the State for expansion of its operations in India. He assured complete support on behalf of the State government to the company to operationalise its unit.

Stating that the industrial policy of Telangana was a robust system to attract investments and facilitate establishment of units for companies, he said the State government was on a mission to transform Telangana for the better and had undertaken several major projects to realise the vision of Bangaru Telangana.

The Foxconn facility would help in generating large-scale employment to the youth and help in attracting more such industries to the State, he said, requesting Liu to give preference to local youth in employment.

Telangana considers Taiwan as a natural partner and the State was glad to be part of Foxconn’s growth story, the Chief Minister added.

Speaking on the occasion, Liu appreciated the industrial policy of the Telangana government and the friendly industrial development ecosystem created by the government here.

He also lauded the tremendous progress made by the State within a short span of eight years after the State formation, especially in the IT, electronics and manufacturing sectors. Foxconn had conducted a detailed study on Telangana and was looking forward to commence operations in the State, he said.

On the occasion, the Chief Minister extended birthday greetings to Liu and handed him over a special hand-written greeting card. He hosted a lunch for the delegation at Pragathi Bhavan.

IT and Industries Minister KT Rama Rao, Finance and Health Minister T Harish Rao, Education Minister P Sabitha Indra Reddy, Chief Secretary A Santhi Kumari, DGP Anjani Kumar, Special Chief Secretaries K Ramakrishna Rao and Arvind Kumar and other officials were present.