HYDERABAD: In a move that is being touted as a major boost to the growth of the electronics manufacturing industry in the State, Taiwan-based electronics firm, Foxconn, has decided to invest $500 million to create as many as 25,000 jobs at its upcoming plant in Kongara Kalan, which is situated in Rangareddy district on the outskirts of Hyderabad.
IT and Industries Minister KT Rama Rao along with firm chairman and CEO, Sidney Lu, took part in the groundbreaking ceremony of Foxconn Interconnect Technology’s electronics manufacturing facility on Monday. The move is part of Foxconn Interconnect Technology’s global expansion strategy to diversify its global manufacturing base.
Addressing the gathering, Rama Rao said, “Today is a historic day because we are exactly where China was 30 years ago. However, we shall do what China has done for 30 years in 20 years.”While stating that the government hopes to develop the entire State to the level of Shenzhen in China, he said, “We identified electronics manufacturing as a focus area. In the next 10 years, we aim to provide 1.5 million jobs in the State to create a $150 billion economy. As a State, we shall increase our per capita income by six times to $20,000 by 2040.”
Additionally, he expressed his delight and highlighted the efficiency of the collaboration between the Government of Telangana and Foxconn Interconnect Technology. “I am delighted to mention that we signed the Memorandum of Understanding (MoU) on March 2 and in about just two and a half months, we are here today at the ground-breaking ceremony. The Government of Telangana understands why we need to work at high speed,” the minister said. He reassured that Foxconn’s manufacturing facility would be completed within a timeline of nine to 12 months, reflecting their dedication to swift progress.
Rama Rao also emphasised that this partnership with Foxconn marked only the beginning of a long-term alliance between Telangana and Foxconn Interconnect Technologies. In his address, the minister provided an overview of the remarkable growth of industries in Telangana to the representatives of Foxconn. He mentioned that the State government has successfully approved 22,700 projects, attracting a staggering $50 billion in investments while adding that these projects hold the potential to generate around 2.3 million job opportunities. “We are number 2 in the IT sector but out of every three jobs created in India, one is from Telangana in the last year,” he remarked.
The proposed facility holds great importance as it will act as a central hub for Foxconn Interconnect Technology’s operations in Telangana. This expansion will significantly enhance Foxconn Interconnect Technology’s production capacity and facilitate its growth within the region.The partnership and collaboration between the Government of Telangana and Foxconn Interconnect Technology in bringing this project to fruition symbolize a shared commitment to drive Telangana’s growth narrative and contribute to the expansion of Foxconn Interconnect Technology’s presence in India.
To create 25k jobs
Foxconn is slated to invest $500 million for the unit
It is expected to create 25,000 jobs
The MoU between TS govt and the Taiwanese firm was signed on March 2
KTR says the project will be completed in 12 months
This unit is part of Foxconn’s strategy to diversify its global manufacturing base