Andhra Pradesh offers Foxconn with proposal for 'manufacturing city' and subsidies

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Andhra Pradesh offers Foxconn with proposal for 'manufacturing city' and subsidies

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 offers Foxconn with proposal for 'manufacturing city' and subsidies

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)