Hyderabad: Taiwanese multinational electronics contract manufacturer Hon Hai Technology Group (Foxconn) signed a memorandum of understanding with the state government on Thursday to establish its manufacturing facility in the state.
Chief Minister K. Chandrashekar Rao, along with Foxconn chairman Young Liu, who was in the city, announced that an electronics manufacturing facility would come up in Hyderabad. The deal has the potential to generate employment for over one lakh people over 10 years, he said.
Liu met Chandrashekar Rao and IT minister K.T. Rama Rao at Pragathi Bhavan on Thursday.
Welcoming Foxconn to Telangana, the Chief Minister said that the state government had 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,” Chandrashekar Rao said.
“Telangana considers Taiwan a natural partner and that the state was glad to be a part of Foxconn’s growth story,” he added, assuring Liu of all possible support to Foxconn for its operations.
The BRS chief said that the state government has been successful in implementing an industrial policy that had helped attract huge investments.
Rama Rao said that he was elated that the proposed unit would employ over one lakh people.
The Chief Minister and Liu discussed the importance of diversifying electronics manufacturing for a resilient supply chain and the pivotal role of state governments.
Liu said that Foxconn had extensively studied Telangana, and praised the friendly industrial development ecosystem. He expressed happiness over the state’s progress in the industrial sector, especially in IT and related electronics, over the past eight years.
He said that he was optimistic about his company’s investments in Telangana.
As the day also marked Liu’s birthday, the Chief Minister presented a special greeting card to Liu and after the meeting, hosted a lunch for Liu and his delegation at Pragati Bhavan.
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