Electronics giant Foxconn will build a manufacturing facility in Telangana that will provide employment for over 1,000 people. Also Read – Android 13-based ColorOS 13 Coming to Oppo Reno8 Series, F19 Pro, More in March: Check the Details
The announcement came after Foxconn Chairman Young Liu met Telangana Chief Minister K. Chandrasekhar Rao here on Thursday. Also read – Airtel surpasses one million customers on its 5G network in Mumbai
Hon Hai Technology Group (Foxconn) and the Telangana government signed an agreement at Pragati Bhavan, the Chief Minister’s official residence. Also Read – Amazon Launches Fifth Generation Echo Dot in India: Check Price, Specs, Availability
The historic deal has the potential to create jobs for more than 1,000 people over 10 years, the Chief Minister’s Office (CMO) said.
How much the Taiwanese company will invest in this facility has not been disclosed.
“Foxconn’s entity will help create large-scale jobs for the youth and attract more such industries to the state,” said KCR, as the chief minister is popularly known.
He said that Telangana sees Taiwan as a natural partner, adding that the state is happy to be part of Foxconn’s growth story.
KCR and Liu discussed the importance of electronics manufacturing diversification for a resilient supply chain and the central role of state governments. The premier said the government has successfully implemented a new industrial policy that is attracting huge investments to Telangana.
KCR said Foxconn’s huge investment and opportunity to create more than 1,000 jobs in Telangana like never before is commendable. Steps are being taken to ensure as many jobs as possible are available for local youth, he added.
The chief minister also assured the Foxconn chairman that the state government will provide the electronics major with all kinds of support for his activities in the state.
For his part, young Liu said that his organization has studied extensively about Telangana and praised the friendly industrial development ecosystem that has been created in the state.
The Foxconn chairman also expressed delight at the strides Telangana has made in the industrial sector, particularly IT and related electronics, in just eight years, adding that he is optimistic about his company’s investments in the Southern state.
Since Thursday was also Young Liu’s birthday, KCR presented him with a specially designed greeting card and hosted a luncheon in his honor.
IT and Industry Minister KT Rama Rao, some other ministers and senior officials were also present.