Taiwan-based Foxconn, one of the world’s largest electronics and technology manufacturing companies, is all set to invest in Telangana. The agreement was signed at Pragathi Bhavan in Hyderabad in the presence of Chief Minister K Chandrashekar Rao and Foxconn chairman Young Liu, along with other officials on Thursday, March 2. As a part of the deal, Foxconn will set up an electronics manufacturing facility in the state, which has the potential to generate more than one lakh jobs over a period of 10 years, as per the state government.
Commenting on the deal, CM KCR said, “The government is on a mission to transform Telangana for the better and has undertaken several marquee projects to realise the vision of Bangaru Telangana. Foxconn’s unit will help in generating large scale employment to youth and will help in attracting more such industries to the state.” CM KCR emphasised that Telangana considers Taiwan a natural partner and that the state is glad to be a part of Foxconn’s growth story.
Minister KT Rama Rao expressed happiness that the proposed unit has the potential to provide employment to over one lakh people. As per the statement released by the Chief Minister’s office, KCR and Liu discussed the importance of diversifying electronics manufacturing for a ‘resilient’ supply chain and the pivotal role to be played by the state government.
“The government has been successful in implementing a new industrial policy and attracted huge investment in Telangana. Foxconn's huge investment and the opportunity to create more than one lakh jobs like never before in Telangana state is commendable. Steps will be taken to ensure that one lakh jobs are available to the local Telangana youth as much as possible,” the Chief Minister said. KCR further assured Liu that the state government will provide all possible support to Foxconn for its operations in the state.
According to the statement, the Foxconn chairman stated that their organisation has studied Telangana extensively and praised the ‘friendly’ industrial development ecosystem in the state. The chairman added that he is optimistic about the investments of his company in the state.
The day of the deal also marked the birthday of chairman Liu. On this occasion, CM KCR presented a specially made greeting card to him, while extending his wishes. The deal was signed in the presence of other officials, including Finance Minister T Harish Rao, Education Minister Sabitha Indra Reddy, Chief Secretary Santhi Kumari, and DGP Anjani Kumar.