South Korean Companies to invest in AP : CM Naidu

Amaravati, Nov 10: The Andhra Pradesh Industries Department and some South Korean firms are likely to sign a MoU on establishing various industries in 1,750 acres in the State on December 6 and 7 in South Korea.

The 20-member delegation of entrepreneurs met Chief Minister N. Chandrababu Naidu on Thursday. The government in a release later said the delegation proposed establishment of a ‘South Korea City’ by setting up at least 30 units of the Busan-based companies in steel, logistics, automobile, battery, shipbuilding and others.

Earlier at the business meeting in the city, APIIC vice-chairman and MD Babu A. and other officials highlighted the prospects of industries citing the example of the Kia Motors, a Seoul- based automobile manufacturer.

The officials offered an acre for half a million, that is, about 50% less than the market price.

The team expressed interest in shifting some Busan-based industries to the State and sought land in the proximity of the Kia Motors, which was given land in Anantapur district recently. Some of the entrepreneurs also sought land in Naidupeta which is closer to seaports.

The Industries department, led by Minister Amaranatha Reddy, is going to conduct a business roadshow in Busan and Seoul on December 6 and 7 respectively to promote opportunities in the State.

On the sidelines of the roadshow, agreements would be signed by both the parties, officials told the delegation.