Andhra Pradesh is gearing up towards attracting an investment of Rs 4,000 crore from South Korean companies, with a vast majority of them being from the automobile sector, said Kim Hyung Tae, South Korean Consul General of South India, reports The Hindu.

The chief minister of Andhra Pradesh, N Chandrababu Naidu, in a meeting with Tae, discussed increasing ties with each other that included the Indian state facilitating investment climate, infrastructural support, and speedy development of the new Korean City planned at Anantapur. He promised to sort out any issues with which the Korean companies might be bogged down.

According to Tae, the investment by the South Korean companies will see approximately 7,000 new jobs being created within the state. Additionally, it would work towards fostering cultural relations with Andhra Pradesh, and export of chilli, tobacco, and textiles would be given incentives. On the other hand, he appreciated the efforts put in by the state for its conducive ease of doing business and its commendable high growth.  

L-R: Tirumala Rao Chamalla, CEO, Electronics & IT Agency; K Vijayanand, principal secretary, IT & Communications Department; Nara Lokesh, Cabinet Minister for IT, Andhra Pradesh; Akito Tachibana, MD, Toyota Kirloskar Motor, and Atsushi Oki, GM, Toyota Kirloskar Motor at the MoU signing.

On November 16,2017 Toyota Kirloskar had signed MoU with the state government to formalise a feasibility study aimed at introducing the Prius plug-in hybrid and a ‘small EV commuter’ in the state’s ambitious smart city project at ‘Amaravati’.

Also read: Kia Motors to set up 300,000 unit capacity plant in Andhra Pradesh