Success stories scripted by Korean companies in Telengana to inspire others: Duddilla Sridhar Babu
The ITE&C and I&C minister said the state is also working on a dedicated export policy and strategy with the aim to make Telangana an export power house and increase exports from US$11 Billion to 65 Billion in next 6 years.
HYDERABAD: While terming South Korea as important partner country for Telengana’s external engagement, Duddilla Sridhar Babu, Minister of Information Technology, Electronics & Communications (ITE&C) and Industries & Commerce (I&C), Telangana, said many Korean companies have scripted success stories in the state and it will encourage other Korean companies to come to follow their footsteps and invest here more.
The minister was addressing a high level Korean delegation during the Korea-India Economic Cooperation Forum organized by the Embassy of the Republic of Korea, KOTRA (Korea Trade-Investment Promotion Agency), the India-Korea Business Cooperation Center, and the Honorary Consulate General of the Republic of Korea in Hyderabad with the support of the Confederation of Indian Industry (CII) on June 20, to boost cooperation in various sunrise industries and provided ample opportunities for business networking.
Chang Jae-bok, the Ambassador of the Republic of Korea who led the delegation to Hyderabad, and Suresh Chukkapalli, the Honorary Consul General of the Republic of Korea in Hyderabad, C. Shekhar Reddy, immediate past chairman, CII Telangana, and CMD, CSR Estates Ltd., Dr. E Vishnu Vardhan Reddy, Special Secretary for Investment Promotion & External Engagements and VC&MD TSIIC Govt of Telangana, were also present on the occasion.
Minister Duddilla Sridhar Babu said that since S Korea is an important partner country for state’s external engagement, the state wishes to intensify business cooperation. A number of top Korean companies have already invested in Telangana including Hyundai and Youngone Corporation.
“Youngone Corporation is investing $120 Million (nearly Rs 1000 crores) to set up apparel and sportswear manufacturing units at the Kakatiya Mega Textile Park in Warangal. All the units put together will generate direct employment for 10000 people and another 2000 indirect employment opportunities. I am happy to share that their first unit has been completed and will soon be operationalized later this month when the Chairman of Youngone is expected to travel to Hyderabad. I would like to thank Youngone for their trust in the state,” said Duddilla Sridhar Babu.
Hyundai Mobis and Hyundai Motor India Engineering already have multiple technical and engineering centers in the state and are investing further in the state. T-Hub has also partnered with the South Korean Government to create ample opportunities for Korean startups to scale up in the Indian market.
“Telangana has also entered into an MoU with Gangwon region for cooperation in the medical technology space. I hope their success stories will encourage other Korean companies to come to Telangana.
