Foxconn Signs Agreement To Set Up Unit In Hyderabad

Chief Minister K Chandrashekar Rao along with Foxconn Chairman Young Liu today announced the setting up of an electronics manufacturing facility of the company in Hyderabad.

The Hon Hai Technology Group (Foxconn) and the Government of Telangana signed an agreement at Pragathi Bhavan to that effect.

The unit has the potential to generate employment for over one lakh people over a period of 10 years.

Speaking on the occasion, CM K Chandrashekar Rao said, "The BRS government is on a mission to transform Telangana, and has undertaken several marquee projects to realise its vision of a Bangaru Telangana. Foxconn's unit will help in generating large scale employment for the youth, and will help in attracting even more such companies to the State."

The CM added that Telangana considered Taiwan a natural partner, and that the State was glad to be a part of Foxconn's growth story.

Minister for Industries K T Rama Rao, also present on the occasion, expressed similar sentiments.

KCR and Liu reportedly discussed the importance of diversifying electronics manufacturing for a resilient supply chain, and the pivotal role to be played by the State governments.

The CM told Liu that the Telangana government was extremely industry-friendly, and had been successful in implementing an industrial policy named iPass that attracted huge investments to the State. He said that Foxconn's huge investment and the resultant potential for one lakh jobs was unprecedented in Telangana, and that the government would do even more in this case to support the company.

The Foxconn Chairman said that his organization had studied extensively about Telangana, and praised the "friendly industrial development ecosystem created in the State". He also expressed happiness over the progress achieved by the State in the industrial sector, especially in the IT and related electronics sectors, in just eight years, and said that he was optimistic about the investments of his company in the State.

With it also being Young Liu's birthday today, KCR himself presented the former specially made greeting card. After the meeting, KCR hosted lunch for the Liu and his delegation at Pragathi Bhavan.

Finance Minister T Harish Rao, Education Minister Sabitha Indra Reddy, Chief Secretary Santhi Kumari, DGP Anjani Kumar, Ibrahimpatnam MLA M Kishan Reddy, Special Chief Secretaries Ramkrishna Rao and Arvind Kumar, Principal Secretary ITE&C and Industries Jayesh Ranjan, PS to CM Narsing Rao, Secretary to CM Smita Sabharwal and Special Secretary for Investment Promotion Vishnu Vardhan Reddy were also present at the meeting.