Foxconn Will Establish A Manufacturing Facility In Telangana

Foxconn, a major manufacturer of electronics, plans to build a facility in Telangana, where it might generate more than 100,000 jobs. This was declared following a meeting on Thursday between Telangana Chief Minister K. Chandrasekhar Rao and Foxconn Chairman Young Liu.

In Pragati Bhavan, the Chief Minister's official residence, Hon Hai Technology Group (Foxconn) and the Telangana government signed the agreement. According to the Chief Minister's Office  (CMO)., the historic agreement has the potential to provide employment for more than 1 lakh people over a 10-year period.

The amount that the Taiwanese company will invest in this facility was not made public. "Foxconn's unit will help generate large-scale employment for the youth and will help attract more such industries to the state," according to KCR, as the Chief Minister is known.

According to him, Telangana sees Taiwan as a natural partner and is happy to be a part of Foxconn's success story.

KCR and Liu discussed the significance of diversifying the electronics manufacturing industry for a robust supply chain as well as the crucial role that the state governments must play. According to the Chief Minister, the state of Telangana is receiving significant investments as a result of the government's successful implementation of a new industrial policy.

KCR praised Foxconn for making such a significant investment and for giving Telangana the chance to add more than one lakh new employees. He stated that measures would be done to give the local youth as many of the one lakh employment as feasible.

The Chief Minister also gave the Foxconn Chairman a guarantee that the state government would support the electronics giant in any way necessary for its operations in the region.

Young Liu, for his part, commended the welcoming industrial development ecosystem established in Telangana and claimed that his organisation had done considerable research on the state.

Foxconn Chairman also expressed his pleasure with the development Telangana had made in the industrial sector in just eight years, particularly in the IT and associated electronics industries, and he said that he was confident about his company's investments in the southern state.

On Thursday, which also happened to be Young Liu's birthday, KCR hosted a lunch and gave him a card that was specially created. K.T. Rama Rao, the minister of IT and Industry, as well as a few other ministers and top officials, attended the event.