Telangana Minister for IT and Industries K T Rama Rao met Young Liu, Chairman of Foxconn in New Delhi and pitched Telangana as a potential investment destination.
Rao also briefed about the initiatives undertaken by the state government toward creating an enabling environment and infrastructure for fostering electronics manufacturing in Telangana.
Foxconn has manufacturing units in Tamil Nadu and Andhra Pradesh.
”India is an attractive manufacturing destination, and we would like to see how we can expand our manufacturing footprint. Our India experience has been exciting, and we look forward to exploring the opportunities that Telangana as a state offers,” Liu said.
”Foxconn is one of the biggest employers globally in the domain of electronics manufacturing. We are excited about their decision to venture into EV manufacturing too. I assure the company of the best support possible from Telangana and invite the team to explore Telangana,” said Rao.
Information technology is one of the fastest-growing sectors in Telangana. Telangana Government is aggressively setting up Export Oriented Units (EOU), Software Technology Parks (STP), and Special Economic Zones (SEZ) to facilitate more IT and ITeS investments in India.
The central government recently announced the formation of an Information Technology Investment Region (ITIR) near Hyderabad. With the establishment of the ITIR, the government plans to generate 1.5 million direct and 5.3 million indirect jobs in the IT sector in the next five years.
There are 1500 IT/ITeS companies that employ over 5.8 lakh professionals, besides providing indirect employment to over 7 lakh people.
Telangana’s IT/ITeS Exports grew at 17.93 per cent compared to the National Average of 8.09 per cent and the rest of the Nation’s Average of 6.92 per cent.
Telangana’s exports in India went up from 10.6 per cent to 11.6 per cent and the share of Telangana in this year’s growth in National Exports is a remarkable 23.5 per cent.
