Hyderabad: THE electronics major Foxconn Interconnect Technology (FIT) on Monday laid the foundation for a new electronics manufacturing facility in Telangana as part of its USD 500 million investment in the state. Minister for Industries K T Rama Rao accompanied by top executives of Foxconn while participating in the ground-breaking ceremony at Kongara Kalan said that this demonstrates the ‘Telangana Speed’ and in phase-1 it would create 25,000 jobs.
KTR said that the setting up of the Foxconn Interconnect Technology’s electronic manufacturing unit was a watershed moment in the history of Telangana. The State had identified electronics manufacturing as a focus area and was aspiring to become the Shenzhen of India. He said what China achieved in 30 years to help Shenzhen become a global centre for technology, research and manufacturing, Telangana would do it in 20 years.
The IT Minister said that Telangana was aiming to create a 1.5-million workforce and to create a 150-billion-dollar economy just in electronics manufacturing in the next 10 years. “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 ground-breaking ceremony of one of the largest electronics manufacturing facilities in the country,” KTR said. The State ranks number two in the IT sector, but out of every three jobs created in India in the last one year, one was from Telangana, he said, recalling that Foxconn Group Chairman Young Lu praised Telangana’s speed.
“Telangana shall live up to 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 would also associate with the State government to set up a training centre to train the youth in acquiring necessary skills to work in hi-tech manufacturing, he said.
IT 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 added.
