Chairman Young Liu meets KCR: Foxconn announces mega investment in Hyderabad to create one lakh jobs

HYDERABAD: Foxconn, maker of iPhones, announced on Thursday a huge investment in Hyderabad that would provide 1 lakh jobs.

The announcement was made after Chairman of FoxConn Young Liu met Telangana Chief Minister K Chandrshekhar Rao at Pragathi Bhavan on Thursday.

IT & MA&UD Minister K T Rama Rao, who is ecstatic about this development, took to Twitter to announce, "Super stoked to announce a mega investment by @HonHai_Foxconn in Telangana that will create employment for a whopping One Lakh youngsters in Telangana".

The historic deal has a potential to generate employment to over one lakh people over a period of 10 years.

Hon Hai Technology Group (Foxconn) and Government of Telangana signed an agreement at Pragati Bhavan, Hyderabad for the proposed facilities on Thursday.

The Chief Minister said: “The Government is on a mission to transform Telangana for the better and has undertaken several marquee projects to realise the vision of Bangaru Telangana. Foxconn’s unit will help in generating large-scale employment to youth and will help in attracting more such industries to the State."

Telangana considered Taiwan as a natural partner and that the State was glad to be part of Foxconn’s growth story.

Minister KTR expressed happiness that the proposed unit had a potential to provide employment to over one lakh people.

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

The Chief Minister said that the Government had been successful in implementing a new industrial policy and attracted huge investment in Telangana. He said that Foxconn's huge investment and the opportunity to create more than one lakh jobs like never before in Telangana State was commendable. He said that steps would be taken to ensure that of the one lakh jobs, more jobs were available to the local Telangana youth as much as possible.

The Chief Minister assured the Chairman Young Liu that the state government would provide all kinds of support to Foxconn for its operations in Telangana State.

The Foxconn Chairman said that his organization had studied extensively about the state of Telangana. He lauded the friendly industrial development ecosystem created in Telangana State. Young Liu expressed happiness over the progress achieved by the Telangana state in the industrial sector, especially in IT and related electronics sectors, in a just eight years. The Chairman said that he was optimistic about the investments of his company in Telangana state.

Since it was Young Liu's birthday too on Thursday, the Chief Minister greeted him and presented a specially-made greeting card. He also hosted lunch for the Young Liu delegation at Pragati Bhavan.

Finance Minister T Harish Rao, Education Minister Sabitha Indra Reddy , Chief Secretary Santhi Kumari, DGP Anjani Kumar, Ibrahimpatnam MLA M. Kishan Reddy, Special Chief Secretaries K Ramkrishna Rao and Arvind Kumar, Principal Secretary ITE&C and Industries, Jayesh Ranjan, Principal Secretary to CM Narsing Rao, Secretary to CM Smitha Sabharwal. Special Secretary, Investment Promotion, Vishnu Vardhan Reddy and Director Electronics & Semiconductors, Sujai Karampuri were also present at the meeting.

Liu is in Hyderabad for the inauguration of Telangana’s prestigious T-Works, India’s largest prototyping hub, that forms part of the conglomerate of T-Hub, Image Centre (gaming and animation facility) - which together would have about two million sq ft.