Foxconn announces 'mega investment' in Telangana, may generate one lakh jobs over 10 years

Telengana CM KCR assured Liu that his government will provide all kinds of support to Foxconn for its operations in Telangana

The Telangana government has announced that Foxconn will set up an electronics manufacturing facility in the state that will have the potential to generate one lakh jobs over the course of 10 years.

On Thursday, Young Liu, chairman of the Taipei-based Hon Hai Technology Group (Foxconn) met Chief Minister K Chandrashekar Rao at Pragathi Bhavan.

Later, Rao, along with Liu, announced the setting up of an electronics manufacturing facility in Hyderabad after an agreement was reached between the state and the corporate group for establishing the proposed units. The investment figures were not revealed.

The “historic deal” has potential to generate employment for over one lakh people, over a period of 10 years. “Foxconn’s unit will help in generating large scale employment to our youth and will help in attracting more such industries to Telangana,” KCR said while stating that Telangana considers Taiwan “as a natural partner and that the State is glad to be a part of Foxconn’s growth story.”

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“Super stoked to announce a mega investment by Foxconn in Telangana that will create employment for a whopping one lakh youngsters in Telangana," tweeted State IT, industries minister KT Rama, who was also present in the meeting.

CM KCR and Liu discussed the importance of diversifying electronics manufacturing for a resilient supply chain and the pivotal role to be played by the state governments for the same.

The Chief Minister assured Liu that his government will provide all kinds of support to Foxconn for its operations in Telangana.

The Foxconn Chairman praised the "friendly" industrial development eco-system created in Telangana and expressed optimism about his company investments in the state, a press statement said.

As it was Liu's birthday, CM KCR presented a specially-made card to him, extending birthday greetings and hosting lunch for the delegation at Pragathi Bhavan.