Minister: US, South Korea investors are favouring Hyderabad for investments | Latest News India

Describing the 12-day visit of Telangana official delegation led by chief minister A Revanth Reddy to the United States of America and South Korea as highly productive, state information technology and industries minister Duddilla Sridhar Babu on Saturday said there was a very encouraging response from the investors and technology majors.

“The investors are looking at Hyderabad as their favoured destination for investments because the city has a thriving ecosystem and infrastructure for robust growth opportunities,” Sridhar Babu told reporters, while briefing about the takeaways of his foreign tour.

He said in the US, the Telangana delegation had over 50 individual business meetings, in addition to three industry roundtables focused on global capability centres (GCCs), Artificial Intelligence and semiconductors, covering six cities including New York, New Jersey, Philadelphia, Washington DC, Dallas and San Francisco in a span of six days.

“The chief minister and myself also met World Bank president Ajay Banga and chief executive officer of Adobe Shantanu Narayan and discussed flagship projects of the government, particularly the Future City, AI City, Skills University and Musi River Front Rejuvenation,” he said.

Sridhar Babu said the delegation also visited Apple headquarters and Google Cloud office in the Bay Area to have a first hand experience of the advanced work that these two tech giants are pursuing and how Telangana could engage with them. “We also visited Stanford campus and interacted with Professors at the Stanford Bio-design Centre,” he said.

He said the state government had pitched Telangana as a “future state” and shared the vision of Hyderabad 4.0 to the US businesses. “We were able to strengthen partnerships in diverse sectors including ITES, AI, Pharma and Lifesciences, Electric Vehicles, Data Centres, green energy, FMCG and Manufacturing,” he said.

He said the Telangana government was able to conclude 19 investment deals and MoUs, totaling an investment of ₹31,500 crore and 30,750 new jobs for the state.

In South Korea, the minister said, the delegation had more than a dozen business meetings including with major Korean companies like LG, Hyundai, Samsung, Youngone, LS group, POSCO and Seoul Semiconductors.

“We also participated in two industry roundtables hosted by the Korean Federation of Textile Industries and the Korean Beauty Industry Association. We also met with Han river project officials to identify best practices and explore potential collaborations for Musi river front rejuvenation,” he said.

He announced that Hyundai Motors will be setting up a mega automotives test centre in our state and make Hyderabad their global hub for R&D. They will also manufacture all their new test vehicles in their upcoming facility in Telangana, he said.

Sridhar Babu said Youngone, which is setting up multiple garment factories in the Warangal Mega textile park, also announced its intention to establish a Fashion City in Hyderabad.

“Three more Korean companies announced their plans to invest in Telangana – Dongbang Pharma will set up an API manufacturing facility with ₹200 crore investment; JI Tech is setting up an LED material manufacturing plant and R&D facility with 100crs investment and Chaevi will manufacture EV charging infra in Hyderabad,” he said.