KTR woos potential South Korean investors to Telangana

The Telangana delegation led by Minister KT Rama Rao held a series of meetings in Daegu Metropolitan City on Tuesday, the second and last day of the South Korea visit.

Daegu is also known as ‘Textile City’ due to the large presence of several textiles, fashion and high-tech industries. Minister Rama Rao met Yon Chang Kim, Vice-Mayor for Economic Affairs of Daegu Metropolitan City as well as Kim Young Ki, Director of Textiles and Fashion division and Sanghun Lee from Korea Dying and Finishing Tech Institute in Daegu.

He invited them to explore opportunities for collaboration in textile, futuristic automobile and IT, especially in the upcoming Kakatiya Mega Textile Park in Warangal. He gave an overview of Telangana’s industrial promotion initiatives and said with all its advantages, the State was an ideal destination for textile manufacturing companies.

Rao also held discussions with Daegu Metropolitan City Automotive Industry delegation led by Woon Baek Choi, Director General of Future Industrial Promotional Bureau of Daegu City. He informed them about a thriving automotive ecosystem in Telangana and invited them to evaluate investment opportunities and make the State their manufacturing base in India. He explained them about various incentives offered to the automotive sector.

The Minister met the representatives of Korea Dyeing and Finishing Tech Institute (DYETEC) at their facility to examine their infrastructure and held talks with DYETEC president Yoon Nam Sik for technological collaboration in textile value-chain, human resource development and water effluent treatment in Kakatiya Textile Park.

Later, the Telangana delegation visited Daegu Centre for Creative Economy and Innovation to deliberate on a possible collaboration for the proposed Image Tower project of the Telangana government for Information Technology (IT), Internet of Things (IOT), Augmented Reality/Virtual Reality (AR/VR).

The State delegation held talks with industry leaders, including Hyundai Corporation executive vice president Nam Geunho, Hyundai Rotem Global Rail Business director KK Yoon and green energy and chemical company OCI Company Limited chief executive officer WooHyun Lee, among on Monday in Seoul.

Hyundai Rotem is a leading South Korean company manufacturing railway equipment, and defence products. For Hyderabad Metro Rail project, the L&T Metro Rail Hyderabad Limited (LTMRHL) has procured all 57 trains from Hyundai Rotem.

The State delegation also visited Youngone Corporation campus in Seoul and interacted with members of Korea Federation of Textile Industries (KOFOTI) led by Youngone Corporation Chairman Kihuk Sung. Youngone Corporation had recently announced a $300 million investment in Kakatiya Textile Park.

The company manufactures the ‘The North Face’ brand garments, which is the Official Partner of the 2018 Winter Olympics, PyeongChang.

Another industrial body, MOIBA (Korea Mobile Internet Business Association), led by its executive director Choi Dong Jin, signed a memorandum of understanding with the Telangana government to collaborate in the Audio Visual Computer Graphics Interface (AVCGI), Artificial Intelligence (AI), AAR/VR, IoT and electronics manufacturing sectors.

MOIBA is an association of about 500 mobile Internet companies based in South Korea. Meetings were also held with Hyosung vice-president Jae Joong Lee and KOLON Group which is an industrial, chemical material and fashion conglomerate to explore investment opportunities in Telangana.

Source: Telangana Today

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