CM Naidu on 3-day Korea tour woos investors to invest in Andhra; pitches for technological development

Seoul, December 5: Today Chief Minister N. Chandrababu Naidu started three-day Korea tour where he wooed industrialists to come and invest in Andhra Pradesh. 

CM Naidu held meetings with a host of Korean industrialists and told them that AP would like to make rapid strides, inspired by South Korea's success in manufacturing and technology.

 

Explaining what all his government had been doing to propel growth and prosperity in the sunrise state, CM Naidu made a strong pitch for Korean investments in different sectors like automobiles, power, textiles, food processing, electronics, etc, an official release issued here said.

 

"India’s Look East Policy will bear fruit only from our state," Naidu told the Koreans. He also invited them to attend the Partnership Summit to be held in Visakhapatnam in February, it added.

Showcasing Kia Motors - which is now setting up its car manufacturing plant in Anantapuramu district of AP -- as a mascot, the Chief Minister asked the South Korean business houses to explore possibilities of investing in AP as both of them shared many similarities like population and (geographical) size, said the release. The Chief Minister, accompanied by Finance Minister Yanamala Ramakrishnudu, Industries Minister N Amarnath Reddy and senior officials, visited the automobile manufacturing plant of Kia Motors.

A group of 37 South Korean industries already signed Letters of Intent to invest a sum of Rs 3,000 crore in the state, he said. Many ancillary units of Kia Motors confirmed a total investment of Rs 4,995 Crore and provision of employment to 7,171 persons, the Chief Minister added.

A Korean township would soon be developed in the state, he said. Naidu requested Hwang Chul-joo, CEO of Jusung Engineering that has 3.5 GW of solar power plants in different states of India, to set up a research and development facility in AP.