According to Foxconn chairman, Hyderabad is a prime location and it has the potential to expand in every sector, including industrial and service sector.
The Taiwan based global contract manufacturer Foxconn has now decided to invest in Hyderabad, according to Telangana government official spokesperson. The Chief Minister of Telangana, A Revanth Reddy and the chairman of Foxconn Young Liu had an official meeting in New Delhi, which revealed that the latter would be investing in the expected fourth city on the outskirts of Hyderabad .
In an effort to bolster the industry, CM Reddy has assured Foxconn of incentives, subsidies, and necessary permits for commencing the new factories. The Telangana government spokesperson said, “Liu said Foxconn is eager to explore investment opportunities in Hyderabad.”
According to Liu, Hyderabad is a prime location and it has the potential to expand in every sector, including industrial and service sectors. The chairman added that Foxconn’s Chief Campus Operations Officer Kathy Yang and India representative V Lee will supervise the city and he will visit personally towards the end of this year.
While discussing the development strategies of the fourth city, the CM stated that the state will focus on growth in various sectors such as education, medicine, sports, electronics, electrical industries, and skill development. Moreover, the state is also expected to be equipped with a Young India Skill Development University soon. Srinivasa Raju and Anand Mahindra have been selected as the Vice Chairman and Chairman of the university.
Foxconn, well-known for manufacturing Apple’s iPhone, is looking to shift its business away from China since the pandemic. Foxconn’s decision shows the escalating interest from international companies to establish their companies in Hyderabad. Both the government and Foxconn are yet to reveal the details on the amount of investment and the products to be manufactured.
