Lokesh pitches Andhra Pradesh as hub for Korean tech investments
IT & HRD Minister Nara Lokesh on Monday said the Andhra Pradesh government aimed to create 20,000 startups and one lakh jobs over the next
IT & HRD Minister Nara Lokesh on Monday said the Andhra Pradesh government aimed to create 20,000 startups and one lakh jobs over the next five years under the slogan ‘One Family, One Entrepreneur’ through the Ratan Tata Innovation Hub (RTIH), and that it offered immense opportunities for South Korean companies to collaborate across a range of technology sectors. Participating in a roundtable with Korean technology startups organised by the Seoul Business Agency (SBA) in Seoul, Mr. Lokesh invited them to take part in RTIH’s full-lifecycle programmes — Spark (ideation), Catalyst (18-week incubation) and Velocity Labs. He outlined the incentives available under the Andhra Pradesh Innovation & Startup Policy 2024-29, including the ₹22-crore RTIH-SIDBI Seed Fund and up to ₹20 crore in Alternative Investment Fund (AIF) seed equity support.
He also proposed the creation of an India-Korea Startup Corridor to facilitate market access for startups from both countries and invited Korean companies to partner in the development of the Amaravati Quantum Valley. During a meeting with Taehyung Lee, Vice-President of Seoul Semiconductor, Mr. Lokesh said Andhra Pradesh had attracted $240 billion in investments over the last 24 months, accounting for 25% of the investments received by India during the period. He pointed out that more than 40 Korean companies, including Kia, LG Electronics and MCNEX, had established manufacturing units in the State. Highlighting the Centre’s support for major infrastructure projects such as bullet trains and greenfield capitals, he invited Seoul Semiconductor to establish a display fabrication unit in or around Sri City.
He noted that a Korean company had already partnered with ASIP/APAC Ltd. under the India Semiconductor Mission (ISM). Lokesh also met Takeshi Yokota, President of the Power Systems Performance Unit of Hyosung Heavy Industries Corporation (HHIC), and requested the company to establish a manufacturing or assembly unit for switchgears and other power equipment near Tirupati or in Sri City. He said the Andhra Pradesh government was managing a transmission network worth about ₹8,000 crore and was working towards achieving 160 GW of clean energy capacity, supported by a roadmap to develop 15 GW of transmission infrastructure by 2034. He highlighted the growing demand for 765/800 kV transformers, GIS and STATCOM equipment for projects, including the proposed 7,248 MW Kovvada nuclear power project.
The BriefWire