HYDERABAD: The state government claimed that Telangana has attracted Rs 81,564 crore worth investments in the last eight months.
According to official sources, the state received Rs 40,232 crore investments during Chief Minister A Revanth Reddy’s visit to Davos in January, 2024, MoUs worth Rs 9,800 crore signed between February and July, and Rs 31,532 crore during his visit to the US.
The Telangana delegation, which also comprised IT & Industries Minister D Sridhar Babu, returned home to a warm welcome after its successful tour of the US and South Korea.
The Chief Minister’s Office (CMO) said: “A new record has been registered in investments target achievement. Huge investments have poured into Telangana like never before. While there was an investment of Rs 31,502 crore during the visit to the US, the same response was received during the last two days of the visit to South Korea. Global companies from South Korea have come forward to invest in the state. The companies of South Korea have signed agreements with the state government to invest around Rs 4,500 crore. With this, Telangana achieved a total investment of Rs 36,000 crore during visits to the US and South Korea.”
Meanwhile, during the Telangana delegation’s visit to South Korea, Youngone Corporation, which has already agreed to set up textile manufacturing industries in Warangal Mega Textile Park, announced that it will open a fashion city in Hyderabad. Revanth assured that 10 acres of land will be allocated near the airport for this purpose. He handed over the letter of consent on behalf of the government to the Youngone Corporation chairman.
Plans to set up cosmetics manufacturing industries
The South Korean companies have also shown interest in establishing cosmetics manufacturing industries in the state. The state government entered into an MoU with the Korean Beauty Industry Trade Association (KOBITA) to explore the possibilities and feasibility of manufacturing in Telangana.
Three more Korean companies also announced their plans to invest in Telangana. Dongbang Pharma Company will invest Rs 200 crore to set up an API manufacturing centre. JI Tech company came forward to set up a research and development centre along with LED material manufacturing plant by investing Rs 100 crore. Chaevi Company has announced plans to build EV charging infrastructure in Hyderabad.
The official delegation led by CM Revanth Reddy also held discussions with the representatives of LS Group, POSCO, LG, Samsung C&T, Samsung Health Care, Crofton, UU Pharma and GS Caltex companies. The CM invited all these companies to invest in Telangana as part of their future expansion plans.
TG team studies riverfront beautification projects
The official team also visited Cheonggyecheon Stream Redevelopment and Han Riverfront Beautification projects in South Korea. Revanth Reddy studied the excellent models at the field level.
He said that the riverfront beautification projects in South Korea should be taken as a model for the Musi Riverfront development project, which is being launched by the state government. He also inquired about the procedures followed for the development of the riverfront development projects and the management of such initiatives.
The chief minister also visited the Korean National Sports University, which trained that country’s all medal winners at the recent Olympics. The CM is planning to establish a sports university on the same lines in Telangana, the CMO said.
South Korean firm to set up fashion city in Hyderabad
During the Telangana delegation’s visit to South Korea, Youngone Corporation, which has already agreed to set up textile manufacturing industries in Warangal Mega Textile Park, announced that it will open a fashion city in Hyderabad. The CM assured that 10 acres of land will be allocated near the airport for this purpose. The CM handed over the letter of consent on behalf of the government to the Youngone Corporation chairman.