Hyderabad: Telangana Chief Minister A. Revanth Reddy’s official visits to the United States and South Korea have yielded a significant windfall for the state, securing investments worth Rs 36,000 crore. The state government inked agreements with 25 multinational companies, further solidifying Telangana’s position as a prime destination for global investors.
During the visit, American companies committed to investing Rs 31,502 crore in Telangana, while South Korean firms agreed to invest Rs 4,500 crore. This historic achievement marks one of the largest foreign investment influxes for the state since its formation.
Earlier this year, at the World Economic Forum’s annual conference in Davos, Telangana secured Rs 40,232 crore in foreign investments. The recent tours to the USA and South Korea have raised the total foreign investment in Telangana to an unprecedented Rs 76,232 crore within just eight months, establishing the state as a top-tier investment destination globally.
In South Korea, CM Revanth Reddy’s delegation concentrated on sectors where South Korea has established global leadership, including automotive, electronics, semiconductors, energy, and textiles. Hyundai Motors, a leading automobile manufacturer, signed an agreement to establish a mega automotive testing centre and an R&D hub in Hyderabad. This facility is set to enhance Telangana’s position in the global automotive industry.
Youngone Corporation, already involved in setting up textile manufacturing units in the Warangal Mega Textile Park, announced plans to establish a fashion city in Hyderabad. The Telangana government has allocated 10 acres near the airport for this project, further expanding the state’s textile sector.
In addition to these, the government signed a Memorandum of Understanding (MoU) with the Korean Beauty Industry Trade Association (KOBITA) to explore the possibilities of setting up cosmetics manufacturing industries in Telangana, leveraging South Korea’s global reputation in the beauty industry.
Three more South Korean companies announced their investment plans in Telangana. Dongbang Pharma Company will invest Rs 200 crore in establishing an API manufacturing centre, JI Tech will invest Rs 100 crore in a research and development centre along with an LED material manufacturing plant, and Chaevi Company plans to build EV charging infrastructure in Hyderabad.
The delegation, led by CM Revanth Reddy, also held discussions with representatives from prominent South Korean companies including LS Group, POSCO, LG, Samsung C&T, Samsung Health Care, Crofton, UU Pharma, and GS Caltex, encouraging them to consider Telangana for their future expansion plans.
During the South Korea visit, the delegation studied the Cheonggyecheon Stream Redevelopment and Han Riverfront Beautification projects. CM Revanth Reddy expressed his intent to use these projects as models for the ambitious Musi Riverfront development project in Telangana. He also explored the procedures and management strategies employed in South Korea’s riverfront developments, aiming to replicate similar success in Telangana.
In addition, the Chief Minister visited the Korean National Sports University, which has trained several Olympic winners. Inspired by this, he is considering establishing a similar sports university in Telangana to nurture future sports talent.
This successful tour has not only secured substantial investments but also paved the way for Telangana to become a leading hub for various industries, showcasing the state’s potential on a global stage. (INN)