VIJAYAWADA: Andhra Pradesh intensified its investment outreach on Day 4 of its South Korea tour, as Minister for HRD and IT Nara Lokesh invited Korean companies to invest in the Rs 30,000-crore Dugarajapatnam Shipbuilding Cluster, India’s first state-approved shipbuilding cluster, and pitched an integrated footwear manufacturing ecosystem spanning Kuppam, Tirupati and Visakhapatnam through engagements with leading global footwear manufacturers Hwaseung Group and Boo Young Group.
During the visit, the Minister Lokesh also inaugurated APEX Korea (Andhra Pradesh External Engagement - Korea), the state’s first overseas investment facilitation and outreach centre, and held discussions with BNK Financial Group on expanding financial sector partnerships with Andhra Pradesh.
At a maritime investment round-table meeting organised by the Korea Marine Equipment Association (KOMEA), Minister Lokesh showcased Andhra Pradesh’s strategic advantages as India’s emerging maritime manufacturing hub, highlighting its 1,053-kilometre coastline.
Lokesh has invited Korean marine equipment manufacturers to invest in the Rs 30,000-crore Dugarajapatnam Shipbuilding Cluster, being jointly developed by the Andhra Pradesh Maritime Board (APMB) and the Visakhapatnam Port Authority. He also invited KOMEA to partner with APMB on a dedicated Korea Marine Equipment Desk, an India Ship Technology Centre, joint skill development initiatives and collaborative R&D programmes.
Continuing Andhra Pradesh’s focused outreach to the global footwear industry, Minister Lokesh met senior executives of Hwaseung Group and Boo Young Group.
Thanking Hwaseung for its proposed Rs 900-crore greenfield non-leather footwear manufacturing facility in Kuppam, the Minister proposed expanding the investment through an Integrated Footwear Component & Material Manufacturing Facility, a Next-Generation Athletic Footwear R&D and Asia-Pacific Innovation Centre with Kuppam as the headquarters, Tirupati as the components manufacturing hub.
He also invited the company to organise a supplier meet in Andhra Pradesh involving its Tier-1 and Tier-2 vendor ecosystem.
Responding positively, Heo Seong Ryon, CEO of Hwaseung Corporation’s Affiliated Business, said the Kuppam facility would manufacture 20 million pairs of sports shoes annually for leading global brands, including Adidas.
Boo Young Group expressed interest in establishing footwear and footwear components manufacturing operations in Andhra Pradesh and informed the Minister that it is evaluating investment opportunities in the state.
