Taiwanese electronics giant, Foxconn, is setting up a manufacturing facility in Telangana that is expected to create employment opportunities for over one lakh people. Last year, the company said that it will be investing US$500 million in India.
Foxconn to Generate 100,000 Jobs in Telangana
Foxconn Chairman Young Liu and Telangana Chief Minister K. Chandrasekhar Rao signed an agreement at the Chief Minister’s official residence, Pragati Bhavan, after their meeting.
The agreement has the potential to generate jobs for more than a lakh people over the next 10 years, said the CMO. The amount of investment remains undisclosed.
KCR, Chief Minister of Telangana, and Liu, discussed the importance of diversifying electronics manufacturing for a resilient supply chain. KCR expressed that Foxconn’s unit will help generate large-scale employment for the youth and attract more industries to the state.
The Chief Minister also shared that the government has been successful in implementing an industrial policy that is bringing in huge investments. Telangana considers Taiwan as a natural partner, glad to be a part of Foxconn’s growth story.
Telangana Welcomes Foxconn
Telangana considers Taiwan a natural partner and the Chief Minister assured Young Liu, Foxconn Chairman, that one lakh jobs would be provided to the state’s youth.
The Foxconn Chairman lauded the friendly industrial development ecosystem created in Telangana, expressing happiness with the progress of the State in IT and related electronics sectors.
Foxconn Donates SMT Line to Support Telengana Speed
Chairman Young Liu announced that Foxconn will donate an industrial grade SMT line to support T-WORKS, the largest prototyping centre in India spread across a 78,000 sq ft building. He expressed admiration for the “Telengana Speed” and its commitment to high-tech.
Liu appreciated the industrial policy of the Telangana government and the progress made in a short time. IT and Industries Minister KT Rama Rao, Finance and Health Minister T Harish Rao, Education Minister P Sabitha Indra Reddy and other officials were present.
Foxconn Signs MOU with Telangana Govt.
Foxconn’s chairman Young Liu met with Chief Minister K Chandrashekhar Rao to sign a MoU between the company and the State government.
The CM also discussed the robust industrial policy of the State, which would help to generate large-scale employment to the local youth. Rao asked Liu to prioritize local youth when it comes to employment.
Speaking on the announcement, Minister for IT, Industries, MA & UD, Telangana, said
One of our slogans during the statehood fight was employment. With the mega investment coming our way in the form of Foxconn, and the huge employment opportunities it brings, youngsters of Telangana state will truly be happy.