Foxconn, the Taiwanese electronics giant, has signed an agreement with the government of Telangana to establish a manufacturing facility in the state, which is expected to create job opportunities for more than 100,000 people.
As per a report from Bloomberg, Foxconn Technology Group, a partner of Apple, is considering an investment of around $700 million to establish a new manufacturing facility in India, with the aim of increasing local production.
On March 2, 2023, Foxconn’s Chairman, Young Liu, met with Telangana’s Chief Minister, K Chandrashekar Rao, to discuss the “historic deal,” according to a statement from the Chief Minister’s office. The agreement aims to generate employment over a ten-year period.
The Chief Minister of Telangana stated that the Telangana government is committed to transforming the state and has initiated various prominent projects to achieve the goal of making it prosperous.
He further added that the establishment of Foxconn’s manufacturing unit will create a significant number of job opportunities for the youth and will also encourage other industries to set up operations in the state. The Chief Minister also expressed his satisfaction with the partnership with Taiwan and conveyed that Telangana is honoured to be a part of Foxconn’s journey towards growth.
Rao praised Foxconn’s significant investment and applauded the potential to create more than 100,000 jobs, which is unprecedented in Telangana. He also assured the Foxconn Chairman that the government will take the necessary measures to ensure job opportunities for the youth and extend support to the company’s operations in the state.
The chairman of Foxconn appreciated the supportive industrial ecosystem in Telangana and acknowledged the state’s remarkable progress in the IT and electronics sectors within a short period of eight years. During the visit, the Chief Minister hosted a lunch for Young Liu and his team.
