Hyderabad: The Telangana government offered to create an industrial cluster for South Korean companies to set up manufacturing facilities in the State. IT and Industries Minister KT Rama Rao is expected to convene an exclusive meeting with the Korean companies shortly.
A South Korean delegation, ‘Korean Caravan’ led by Ambassador Shin Bongkil, met Rama Rao in Hyderabad on Wednesday. They discussed opportunities for Korean companies to invest in various priority sectors including electronics, textiles, food processing, pharma and other sectors. The delegation is touring the State and exploring investment opportunities to strengthen ties between Telangana and Korea.
During the meeting, the Minister gave an overview of the progressive industrial policies of the State, which ranks high in terms of ‘Ease of Doing Business’ (EODB). He said the State was already home to several marquee companies, including top five IT firms in the world. Besides the IT sector, the State government identified 14 priority sectors, which attract special incentives and approvals.
“Telangana is keen on attracting South Korean companies in a big way and is willing to set up an exclusive cluster of such firms,” Rama Rao said. He said the government will provide complete assistance to the companies and will work together with organisations — such as Korea International Trade Association (KITA), Korea Trade-Investment Promotion Agency (KOTRA) — to support the Korean companies in the State.
Seeking suggestions from the delegation on necessary measures to be taken to attract more investments from South Korea, the Minister said the State was home to Asia’s largest life sciences cluster, ‘Genome Valley’, and world’s largest pharma cluster, ‘Pharma City’. Similarly, the country’s largest textile park was coming up in Warangal. “We are also ready to extend support to Korean startups and innovation companies through T-Hub, which is one of the largest incubation centres in the world,” he said.
Korean Ambassador Shin Bongkil said Korea was keen on expanding its business footprint in Telangana, along with strengthening cultural relations. He felt that there was lot of scope for Korean companies to have collaborations with their Indian counterparts in the sectors of life sciences, biotechnology, information technology and aerospace, which are thriving in Hyderabad. He said the Korean companies were keen on investing in India which had a robust economy. “India is the new investment destination,” he said. The representatives of Korean companies expressed their satisfaction over the innovation ecosystem set up in Telangana.
Chief Secretary SK Joshi, and senior IAS officers Ajay Mishra, Somesh Kumar, Jayesh Ranjan, Ramakrishna Rao, Harvinder Singh and Janardhan Reddy, were among those who participated in the meeting.