Foxconn Not Going Anywhere From Telangana: Sridhar Babu

Condemning the rumours that Taiwanese-based multinational electronics contract manufacturer Foxconn was leaving Telangana and moving to another State, Minister for IT and Industries Sridhar Babu today clarified that the company was not going anywhere.

Speaking to the media at the Secretariat, the minister said that it was a complete lie that Foxconn was abandoning the State.

He added that companies expanded their plants according to their policies.

Sharing details about his recent America and South Korea tour along with Chief Minister Revanth Reddy, the minister said that the State government had signed agreements worth Rs 31,500 crore with 19 companies in the US, which had the potential to create 30,000 jobs in Telangana.

"We also held discussions with 12 companies in South Korea, explaining the State government's goal and targets for the next 20 years," Babu said.

He added that the Chief Minister's tour had instilled confidence in foreign companies to invest in Telangana.

"We did not go on a foreign tour for entertainment, but to show what our goal is for the next 20 years. We have discussed an AI city, a future city and the Musi riverfront development with many companies during the tour," he said. "Our goal is to bring investments to Telangana. We are working hard to bring international investments, pitching the State as a favorable destination for investments."

He also asserted that the previous BRS government's initiatives for the development of industries would be continued, but added that the BRS government couldn't ground more than 30% of the MOUs it signed with various companies during the last ten years.

He said that former chief minister K Chandrashekar Rao had gone to China twice, and of the MOUs of Rs 1,000 crore signed, projects of only Rs 100-200 crore were grounded.

"An MOU does not mean immediate grounding. However, keeping in view the experiences of the failures of the previous government, the current Congress government is setting up a special cell to ground the agreements made during foreign tours. Moreover, officials are in touch with companies that have committed investments of Rs 40,000 crore during the Davos tour," Sridhar Babu said.

"We will welcome anyone, including BRS leaders' relatives, who come with new technology for the State's development. A new industrial policy will be introduced soon," Sridhar Babu said.