Schedule a Call Back
Andhra Pradesh offers Foxconn with proposal for 'manufacturing city' and subsidies
Industry News- Aug 21,24
The IT minister also promised to develop a new electronics policy to further incentivise the sector.
Andhra Pradesh's Education and IT Minister, Nara Lokesh, has extended an enticing offer to electronics giant Foxconn, inviting the company to establish a ‘manufacturing city’ in the state. Lokesh met with Foxconn representatives this week to discuss the proposal.
“Instead of setting up just another unit, we encourage you to build a mega manufacturing city in Andhra Pradesh,” Lokesh told the delegation. He emphasised the state government's goal of creating 2 million jobs and expressed confidence in Foxconn's ability to help achieve this target.
Lokesh assured Foxconn of comprehensive support, including a dedicated policy framework and subsidies designed to boost employment. He also promised to develop a new electronics policy to further incentivise the sector.
Highlighting the state's resources and successful investment history, including the Kia Motors plant, Lokesh assured Foxconn of personalised assistance throughout the establishment process. “I will personally oversee the support and formulate a special plan for this project,” he affirmed.
Vi Li, Indian representative, Foxconn recognised the previous efforts of former Chief Minister Chandrababu Naidu to attract investment and expressed interest in revitalising the company’s relationship with the state. Despite acknowledging past challenges, Li confirmed Foxconn's global expansion plans and interest in Andhra Pradesh.
The official statement noted that Foxconn is exploring opportunities in various sectors, including electric vehicle manufacturing, semiconductors, digital health, and component manufacturing. Li assured Lokesh of Foxconn's commitment to contributing to the 2 million job goal.
The meeting concluded with a tentative agreement for Foxconn to invest substantially in Andhra Pradesh and generate significant employment opportunities. Lokesh urged the company to initiate their planning process promptly.
(Business Today)
Related Stories
Auto & Auto Components
What materials are leading the charge in automotive lightweighting?
Although these are some of the most common materials used to make automobiles weigh less, researchers are constantly working to discover better methods, says Emily Newton.
Read morePolicy Regulation
Women in manufacturing: Breaking the glass ceiling
As India advances toward becoming a $5 trillion economy, increasing women's participation in the labour force is crucial, especially with the manufacturing sector emerging as a significant driver of..
Read moreAutomation & Robotics
Roadmap to digital transformation for Indian SMEs
India’s SME manufacturing sector is at a crossroads, poised to embrace digital transformation, sustainable practices, and innovation. However, challenges like legacy systems and skilled labour sho..
Read moreRelated Products
Geared Electric Motors
ELECTRICAL & ELECTRONIC EQUIPMENT
Delco Fans Pvt Ltd offers single phase capacitor run and three
phase geared Instrument motors, totally enclosed face/foot mounted.
“Kusam-Keco” Partial Discharge Acoustic Imager - Model - Km-pdai
ELECTRICAL & ELECTRONIC EQUIPMENT
‘Kusam-Meco’ has introduced a new “Partial Discharge Acoustic Imager Model KM-PDAI.
78 Series Din Rail Terminal Blocks
ELECTRICAL & ELECTRONIC EQUIPMENT
Werner Electric Private Limited offers a wide range of 78 series din rail terminal blocks.
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
