HYDERABAD: Foxconn, a major Taiwanese electronics company, plans to build a factory in Telangana, potentially employing more than 100,000 people.
Foxconn Chairman Young Liu visited Rao at Pragati Bhavan, where an agreement between the state government and Hon Hai Technology Group (Foxconn) was inked, according to a release from the Chief Minister's office.
During the course of ten years, the "historic transaction" might provide employment for more than one lakh individuals, it was claimed.
According to the CM, his administration is on a mission to enhance Telangana and has undertaken various landmark initiatives to realise the goal of Bangaru Telangana.
The Foxconn unit will contribute to the state's economic development by providing young people with ample work opportunities.
Telangana views Taiwan as a natural partner, and Rao highlighted that the state is pleased to be a part of Foxconn's success story.
He praised Foxconn's large investment and the chance it presented to Telangana to produce more than one lakh new jobs.
The Chief Minister also told Young Liu that his administration will give Foxconn the support it needs to operate in the state, adding that steps will be taken to guarantee that one million jobs will be available to young people in the state.
The Foxconn Chairman praised Telangana's welcoming industrial development eco system and expressed satisfaction with the state's success in the industrial sector, particularly in the IT and associated electronics sectors, in just eight years.
Later that evening, Liu and Telangana Minister KT Rama Rao opened a prototype facility called T Works.
Liu told reporters that his company is searching for locations and assessing the types of goods that should be produced in Telangana.
The investment will vary according to the things they intend to produce.
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