IT and Industries Minister KT Rama Rao described the establishment of Foxconn Interconnect Technology’s electronic manufacturing unit here as a watershed moment in Telangana’s history, saying the state had identified electronics manufacturing as a focus area and aspired to become the Shenzhen of India.
Rama Rao stated that Telangana would do in 20 years what China has done in 30 years to help Shenzhen become a global center for technology, research, manufacturing, and so on. Telangana aims to create 1.5 million jobs and a $150 billion economy in electronics manufacturing in the next ten years.
“We take ourselves seriously,” the Minister said, describing what set Telangana apart from the rest. “We mean business, we mean progress and we are a forward looking State,” he added.
We will increase our per capita income six times as a state to $20,000 by 2040, he said, assuring Foxconn of the State government’s unwavering support for the project’s completion in nine to twelve months.
“Hopefully, by this time next year, we will be inaugurating the new facility. This is indeed a landmark day for Telangana as we hold the groundbreaking ceremony of one of the largest electronics manufacturing facilities in the country,” Rama Rao said.
Foxconn Interconnect Technology represents engineering finesse, innovation, and technology, he said, expressing his delight that FIT had chosen Telangana as the location for the facility.
“I believe this is only the beginning of a very long term partnership between the Telangana government and FIT,” the Minister said
He stated that with India on the verge of a transformation that could result in a sustainable electronic manufacturing ecosystem, Telangana and FIT had the potential to play a leading role in this transformation.
Telangana has grown at a rapid pace over the last nine years. He said that it has emerged as a preferred destination for investments and high-tech manufacturing in India.
The state ranks second in the IT sector, but one out of every three jobs created in India in the last year was from Telangana, he said, recalling Foxconn Group Chairman Young Lu’s praise for Telangana’s speed.
“Telangana shall live upto the reputation. The MoU between Telangana and Foxconn was signed on March 2 and in about 2.5 months, the ground breaking ceremony is taking place,” he said, adding that this showed the commitment of Telangana.
Foxconn was investing $500 million, and the first phase of the project would directly create 25,000 jobs. He also stated that FIT would collaborate with the State government to establish a training center to train youth in acquiring the necessary skills to work in high-tech manufacturing.
“Under the leadership of Chief Minister K Chandrashekhar Rao, Telangana aspires to lead the way in driving India’s growth story and becoming an electronics manufacturing powerhouse,” Rama Rao added. FIT Chairman and CEO Sidney Lu said it was an exciting day for FIT.
“This marks the beginning of a new critical start in our global expansion journey. This facility will serve as a hub for our manufacturing expansion plans. This new facility requires significant investment in FIT’s future,” said Sidney Lu, adding that the facility would enable FIT to serve its customers better, expand its capabilities and create new opportunities for its team members.
“I cannot wait to see more local talent to work with FIT,” he said.
“We also look forward to continuing the fruitful relationship with the State government in the future. This partnership will benefit FIT and our customers as we believe to raise the potential of Telangana and achieve our goal of global service,” he added.
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