Taiwanese electronics giant, Foxconn, is setting up a manufacturing facility in Telangana, which is expected to create employment opportunities for over one lakh people. Last year, the company said it would invest US$500 million in India.
Foxconn to create 100,000 jobs in Telangana
Foxconn Chairman Young Liu and Telangana Chief Minister K. Chandrasekhar Rao signed an agreement at Pragati Bhavan, the official residence of the chief minister, after their meeting.
“One of our slogans during the fight for statehood was employment. With the mega investment and huge employment opportunities coming before us in the form of Foxconn, the youth of Telangana state will be really happy. @KTRBRS pic.twitter.com/2GO234qDIO
— Minister of IT, Industries, MA & UD, Telangana (@MinisterKTR) March 2, 2023
The CMO said that the agreement has the potential to generate employment for over one lakh people in the next 10 years. The investment amount has not been disclosed.
KCR, the Chief Minister of Telangana, and Liu discussed the importance of diversifying electronics manufacturing for a resilient supply chain. KCR said the Foxconn unit would 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 the industrial policy which brought in huge investments. Telangana considers Taiwan a natural partner, happy to be a part of Foxconn’s growth story.
Super stoked to announce a mega investment by @HonHai_Foxconn In Telangana which will generate employment for one lakh youth in Telangana 😊
Foxconn Chairman Mr. Young Liu made this announcement after meeting Hon’ble Chief Minister Mr. KCR Garu at Pragati Bhawan today. pic.twitter.com/zzFAnBxcvz
— KTR (@KTRBRS) March 2, 2023
Telangana welcomes Foxconn
Telangana considers Taiwan a natural partner and the chief minister assured Young Liu, chairman of Foxconn, that one lakh jobs would be provided to the youth of the state.
Expressing happiness over the state’s progress in the IT and related electronics sectors, the Foxconn chairman appreciated the conducive industrial development ecosystem created in Telangana.
Foxconn Donates SMT Line to Support Telangana Speed
Chairman Young Liu announced that Foxconn will donate an industrial grade SMT line to support T-Works, the largest prototyping center in India spread across a 78,000 sq ft building. He praised “Telangana Speed” and its commitment towards hi-tech.
Liu appreciated the industrial policy of the Telangana government and the progress made in a short span of time. IT and Industries Minister KT Rama Rao, Finance and Health Minister T Harish Rao, Education Minister P Sabita Indra Reddy and other officials were present.
Foxconn signed MoU with the Government of Telangana.
Young Liu, chairman of Foxconn, met Chief Minister K Chandrasekhar Rao for the signing of an MoU between the company and the state government.
The CM also discussed the strong industrial policy of the state, which would help in generating large scale employment to the local youth. Rao told Liu to give priority to local youth when it comes to employment.
Speaking on the announcement, IT, Industries, MA and UD, Telangana Minister said
Employment was one of our slogans during the fight for a separate state. With mega investment coming our way as Foxconn, and bring huge employment opportunities, the youth of Telangana state will be really happy.
