HYDERABAD: The state government is planning to set up a Korean Industrial Park exclusively for firms from that country which invest in Telangana, said IT and Industries minister KT Rama Rao. He assured full support to investors from the east Asian country on Wednesday.
Rama Rao, who participated in the India-Korea Business Forum on Wednesday along with South Korean industrialists and officials from the South Korean embassy, said, "Telangana has enjoyed a successful relationship with several reputed Korean organisations. Telangana will provide complete assistance to the South Korean industries who come forward to invest in Telangana.”
Rama Rao sought help from embassy officials of Korea and India in this regard.
The minister also said that the Telangana government will provide training to the local youths at its own cost to provide skilled labourers to the Korean companies which invest in the state.
Talking about the TS-iPASS, Rama Rao said Telangana has its unique and progressive industrial policy in the form of Telangana State Industrial Project Approval and Self-Certification System (TS-iPASS). He added that this policy has been attracting major investments to Telangana and is appreciated by various industry leaders across the globe. He stated that investment of about $30 billion has come to Telangana since TS-iPASS came into functioning.
The minister said that YoungOne, a Korean company, has come forward to invest in Telangana. The State government had entered into a partnership with South Korea’s Gangwon Techno Park (GWTP) for technology and cluster cooperation in the space of med-tech devices, Rama Rao further said.
Hyundai India has set-up its only state-of-the-art R&D Center in Hyderabad which is the largest Hyundai R&D Centre outside Seoul. Telangana has a stable government and all other natural resources suitable for setting up industries such as availability of water and uninterrupted supply of electricity, the minister added.