In what seems to be another boost to the state of Andhra Pradesh, South Korea has come forward to invest a whopping Rs 4,000 crore in the state. Around 37 companies have shown interest to invest in the state and generate as many as 7,000 jobs. The proposal is, reportedly, expected to take shape by March next year.
A report in Times of India reported that most of these 37 companies belong to the automobile sector.
A statement released by the CMO on their social media handles stated that South Korea Consul-General, Kim Hyung, met the Chief Minister and discussed upon various aspects. It also stated that the Korean companies have expressed interest to invest in the state of Andhra Pradesh and are looking to strengthen the financial and cultural ties with the state. It has also been reported that the companies are looking forward to establishing their firms in the upcoming Korean city in the state.
The Chief Minister assured the officials that Andhra Pradesh is served with favourable conditions to do business and any potential problems that might arise over the due course of time will be immediately dealt with.
It was reported a few days ago that Andhra Pradesh is likely to embrace a ‘South Korean City’ in the state’s capital Amaravati or elsewhere in the state. The South Korean delegation had proposed to bring in at least 30 companies in the sectors of electric steel, logistics, automobile components, liquors, medical, marine equipment and more to Andhra Pradesh.